Three friends—Alex, Ben, and Carla—purchase a commercial building in Norman, Oklahoma as joint tenants with equal shares. Alex later conveys his one-third interest to his business partner, Diana, without telling Ben or Carla. What is the ownership structure of the property after Alex's conveyance?
Correct Answer
D) Diana holds a one-third interest as a tenant in common; Ben and Carla continue to hold their two-thirds interest as joint tenants between themselves.
Under Oklahoma property law, a joint tenant may unilaterally convey their interest to a third party, which severs the joint tenancy as to that interest only. When Alex conveys his one-third interest to Diana, the joint tenancy is severed as to Alex's share. Diana receives a one-third interest as a tenant in common (she was not part of the original joint tenancy and does not share the four unities with Ben and Carla). Ben and Carla, however, retain their joint tenancy relationship between themselves, holding the remaining two-thirds jointly. This partial severance creates a hybrid ownership structure.
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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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