Robert and Susan are unmarried co-owners of a duplex in Las Vegas. They took title with no specification of shares. Robert contributed 60% of the purchase price and Susan contributed 40%. Robert now claims he owns a 60% interest. Under Nevada law, what is the presumed ownership structure?
Correct Answer
D) Robert and Susan each own an undivided 50% interest as tenants in common.
Under Nevada law, consistent with NRS Chapter 111, when two or more persons take title to property as tenants in common without specifying their respective shares, there is a legal presumption of equal ownership. Robert and Susan each hold an undivided 50% interest as tenants in common, regardless of their unequal financial contributions. If they had intended unequal shares, those shares should have been expressly stated in the deed at the time of acquisition.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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