Three siblings — Abby, Ben, and Carol — inherit a rental property in Provo as tenants in common, each owning an undivided one-third interest. Ben decides he wants to sell his interest. Which of the following statements is correct under Utah law?
Correct Answer
A) Ben may sell his one-third interest without obtaining consent from Abby or Carol.
In a tenancy in common, each co-owner holds a separate, alienable interest that can be transferred independently without the consent of the other co-owners. Ben may freely sell, mortgage, or gift his one-third undivided interest to any buyer without Abby's or Carol's permission. The buyer would then become a tenant in common with Abby and Carol.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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.
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