Four investors purchase an apartment building in Broken Arrow, Oklahoma. The deed states they take title 'as tenants in common.' Investor A owns 40%, Investor B owns 30%, Investor C owns 20%, and Investor D owns 10%. Investor B wants to sell her 30% interest but Investors A, C, and D refuse to consent. Which of the following correctly states Investor B's rights under Oklahoma law?
Correct Answer
A) Investor B may freely sell her 30% interest to any buyer without the consent of the other co-owners.
Under Oklahoma property law, a tenant in common has the right to freely transfer their undivided interest to any third party without the consent of the other co-owners. Each tenant in common holds a separate, alienable interest. Investor B's 30% interest is her property, and she may sell, gift, or devise it without restriction from or approval by the other co-owners. The buyer would then become a tenant in common with Investors A, C, and D.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
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