A Utah real estate agent is advising two clients — an unmarried couple, Wendy and Xavier — who are purchasing their first home together in Layton. They want their ownership interests to be unequal (Wendy 60%, Xavier 40%) because Wendy is contributing more to the down payment. Which form of co-ownership is most appropriate for their situation?
Correct Answer
B) Tenancy in common, specifying a 60% interest to Wendy and 40% interest to Xavier
Tenancy in common is the appropriate form of co-ownership when the parties want unequal ownership interests. Tenants in common can hold any percentage of the undivided interest (e.g., 60%/40%), and the deed can explicitly state these percentages. Wendy and Xavier's unequal contributions can be reflected in their unequal ownership shares, and each may independently deal with their own interest.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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