Property Ownership
What happens to a joint tenancy when one joint tenant conveys their interest to a third party?
AThe joint tenancy continues with the new owner as a joint tenant
BThe joint tenancy is severed; the new owner becomes a tenant in common with the remaining joint tenants✓ Correct
CThe entire joint tenancy is dissolved
DThe conveyance is void and has no effect
Explanation
Conveying a joint tenancy interest destroys the unities required for joint tenancy. The new owner takes as a tenant in common with the remaining joint tenants, who may still hold as joint tenants among themselves.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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