Carlos and his domestic partner, James, purchase a home in Montclair, New Jersey, and wish to hold title with survivorship rights. They are not married. Which form of co-ownership should their attorney use to achieve this goal under New Jersey law?
Correct Answer
C) Joint tenancy with right of survivorship.
Joint tenancy with right of survivorship is available to any two or more co-owners, regardless of marital or relationship status. It requires the four unities (time, title, interest, and possession) and includes an automatic right of survivorship, meaning upon the death of one joint tenant, their interest passes to the surviving joint tenant(s) without going through probate. This is the appropriate vehicle for Carlos and James to achieve survivorship rights.
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Related Topics & Key Terms
Key Terms:
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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