A Maine real estate broker is advising two unmarried buyers, Alex and Jordan, who are purchasing a home in Portland, Maine together. Alex wants to ensure that if Jordan dies, Alex will automatically inherit Jordan's share without going through probate. Which form of co-ownership should the broker recommend?
Correct Answer
B) Joint tenancy, because it includes the right of survivorship that bypasses probate
Joint tenancy includes the right of survivorship, which means that upon the death of one joint tenant, their interest automatically vests in the surviving joint tenant(s) without going through the probate process. This is exactly what Alex wants. The broker should recommend joint tenancy and ensure the deed explicitly states the parties are taking title 'as joint tenants' to create this survivorship right under Maine law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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