Property Ownership
A Rhode Island property held as joint tenancy has three owners. One owner sells their share to a third party. What happens to the joint tenancy?
AThe joint tenancy continues with the new owner replacing the seller
BThe joint tenancy is severed as to the sold share, creating a tenancy in common between the new owner and the remaining joint tenants✓ Correct
CThe entire property is converted to sole ownership by the remaining owners
DThe joint tenancy is voided and the property must be sold
Explanation
When one joint tenant transfers their interest, the joint tenancy is severed as to that share. The new owner holds their interest as a tenant in common with the remaining joint tenants (who retain their joint tenancy between 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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