Siblings Rosa, Sam, and Tina inherit farmland in Dawson County, Nebraska as tenants in common, each holding an undivided one-third interest. Rosa wants to sell her interest, but she is concerned that a buyer may not want to co-own farmland with strangers. Sam and Tina have told her they are not interested in buying her out. A Nebraska licensee advising Rosa should inform her that which of the following is the most accurate statement about her options?
Correct Answer
B) Rosa may freely sell her undivided one-third interest to any buyer, and that buyer becomes a tenant in common with Sam and Tina
Under Nebraska law, a tenant in common has the unrestricted right to sell, transfer, or encumber their undivided interest without the consent of the other co-owners. Rosa may convey her one-third undivided interest to any willing buyer. That buyer will step into Rosa's shoes and become a tenant in common with Sam and Tina, holding the same one-third undivided interest. Nebraska has no statutory right of first refusal that applies generally to tenancy in common interests in agricultural land.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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