A Virginia deed conveys a property to 'Alice and Bob, husband and wife, and Carol, as joint tenants with right of survivorship.' Alice later dies. Which statement BEST describes the resulting ownership?
Correct Answer
A) Bob and Carol each own an undivided one-half interest as joint tenants with right of survivorship.
When a married couple and a third party hold property as joint tenants with right of survivorship, the couple is often treated as a single unit for survivorship purposes. Upon Alice's death, her interest passes to the surviving joint tenants — Bob and Carol — who now each hold an undivided one-half interest. Because the deed expressly created a joint tenancy with survivorship for all three parties (treating the couple as one unit), Bob and Carol continue as joint tenants with right of survivorship between themselves.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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.
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