Two unmarried friends are buying a house together and want title held so that if one of them dies, the survivor automatically owns the whole property without it passing through the decedent's estate. Which form of co-ownership accomplishes that?
Correct Answer
B) Joint tenancy
Joint tenancy carries the right of survivorship and is open to any two or more co-owners who take equal undivided interests by the same instrument at the same time. When one joint tenant dies, that interest vests in the surviving joint tenants by operation of law, outside probate. Tenancy by the entirety also carries survivorship but only spouses may hold it, and it is not recognized in every state; community property is likewise limited to spouses.
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Related Topics & Key Terms
Related Topics:
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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