Tom and his sister Lisa co-own a property in Monmouth County, New Jersey, as joint tenants with right of survivorship. Tom wants to transfer his interest to his friend Kevin without Lisa's consent. If Tom executes a deed conveying his interest to Kevin, what is the most likely legal result under New Jersey law?
Correct Answer
B) The conveyance severs the joint tenancy, and Kevin and Lisa become tenants in common
Under New Jersey law, a joint tenant may unilaterally convey their interest to a third party without the consent of the other joint tenants. However, doing so severs the joint tenancy as to that interest. The result is that Kevin and Lisa hold the property as tenants in common, not as joint tenants. Kevin does not inherit the right of survivorship that existed between Tom and Lisa, because the unity of time and title required for joint tenancy is destroyed by the conveyance.
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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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