Two Vermont business partners, Lena and Marco, purchase a commercial building in Burlington and take title as joint tenants with right of survivorship. Marco later sells his interest to a third party, Nora, without Lena's knowledge. What is the effect of Marco's conveyance on the ownership structure?
Correct Answer
A) The joint tenancy is severed, and Nora and Lena now hold the property as tenants in common.
Under Vermont property law, a joint tenant may unilaterally convey their interest to a third party without the consent of the other joint tenant(s). However, doing so severs the joint tenancy as to the conveyed interest. The four unities required for joint tenancy (time, title, interest, possession) are broken when Nora acquires Marco's interest at a different time and by a different instrument. Nora and Lena therefore hold as tenants in common — Nora has no right of survivorship with Lena. Lena retains whatever rights she had, but the survivorship feature between her and the new co-owner is destroyed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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.
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