Carol wants to deed her property in Westchester County to her three children: David (40% interest), Ellen (35% interest), and Frank (25% interest) as tenants in common. How should the deed be written to accomplish this goal?
Correct Answer
A) "To David Smith, an undivided 40% interest, Ellen Smith, an undivided 35% interest, and Frank Smith, an undivided 25% interest, as tenants in common"
This language clearly creates a tenancy in common with unequal interests as specified. It explicitly states each person's percentage interest and identifies the ownership as 'tenants in common,' which allows for unequal interests and no right of survivorship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Intestate succession is the legal process by which a deceased person's property is distributed according to state law when they die without a valid will. State statutes determine the order of inheritance.
Marketable title is title that is free from reasonable doubt as to who the owner is and free from liens, encumbrances, or defects that would cause a reasonable buyer to hesitate before purchasing. It is also known as merchantable title.
Probate is the legal process by which a deceased person's will is validated by the court and their estate is administered, including the transfer of real property to the named beneficiaries or heirs.
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Mark is preparing to execute a quitclaim deed for property in Rochester. All of the following statements about quitclaim deeds in New York are correct EXCEPT:
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