Three college friends — Aiden, Brianna, and Carlos — purchase an investment property in Portsmouth, New Hampshire as tenants in common. Aiden contributed 50% of the purchase price, while Brianna and Carlos each contributed 25%. Aiden later passes away without a will. What happens to Aiden's interest in the property?
Correct Answer
C) Aiden's 50% interest passes to his heirs according to New Hampshire intestacy laws.
In a tenancy in common, each co-owner holds a separate, divisible interest that can be transferred, mortgaged, or devised independently. There is no right of survivorship. When Aiden dies intestate, his 50% interest passes to his heirs under New Hampshire's intestacy statutes (RSA Chapter 561), not to his co-owners.
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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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