In Minnesota, two unmarried individuals purchase a property together. The deed does not specify the type of co-ownership. What form of ownership is presumed by default under Minnesota law?
Correct Answer
C) Tenancy in common
Under Minnesota Statutes § 500.19, when a deed conveys property to two or more persons without expressly stating the form of co-ownership, the law presumes tenancy in common. To create a joint tenancy in Minnesota, the deed must explicitly state the intent to hold as joint tenants.
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Related Topics & Key Terms
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Related Concepts
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.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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