Under Michigan law, which form of co-ownership available to non-married co-owners automatically includes the right of survivorship, meaning that upon the death of one co-owner that owner's interest passes directly to the surviving co-owner(s) without going through probate?
Correct Answer
A) Joint tenancy
Among forms of co-ownership available to non-married parties, joint tenancy is the form that carries the right of survivorship by operation of law. Tenancy by the entirety is limited in Michigan to married couples.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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