When a joint tenant dies, their interest in the property:
Correct Answer
B) Automatically transfers to the surviving joint tenant(s)
A defining feature of joint tenancy is the right of survivorship. When a joint tenant dies, their interest automatically passes to the surviving joint tenant(s) outside of probate. This distinguishes joint tenancy from tenancy in common, where a deceased owner's share passes through their estate.
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Related Topics & Key Terms
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Related Concepts
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.
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.
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