In Michigan, when two or more people own real property as tenants in common, which of the following best describes the ownership interest of each co-owner?
Correct Answer
B) Each co-owner holds a separate, undivided interest that may be unequal and may be transferred independently.
Under Michigan law, tenants in common each hold a separate, undivided interest in the whole property. Interests need not be equal — one co-owner could hold 60% while another holds 40%. Each co-owner may freely transfer, mortgage, or devise their interest without the consent of the other co-owners. There is no right of survivorship in a tenancy in common.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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.
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