WK 3, DQ 2 - interest in the property If an owner in a...

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Distinguish between a joint tenancy and a tenancy in common with regards to real property. What are the differences in the owners’ rights and obligations between the types of ownership? Joint tenancy is a form of co-ownership. Joint tenancy means that the owners have equal interest in ownership with rights to survivorship. Joint tenancy overrides any wills that the owners have in place. If an owner of a joint-tenancy agreement dies, the surviving owner(s) then has equal ownership (Cheeseman, 2010). Example, if there are three joint-tenants in a property and one of them passes away, the surviving two joint-tenants then have a 50% ownership
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Unformatted text preview: interest in the property. If an owner in a joint tenancy sells his interest, then the ownership agreement becomes tenancy in common. When a tenancy in common interest exists, ownership is passed to the deceased estate and not to the surviving owner(s) (Cheeseman, 2010) . Reference: Cheeseman, H. (2010). The Legal Environment of Business and Online Commerce: Business Ethics, E-Commerce, Regulatory and International Issues . Retrieved from www.ecampus.phoenix.edu on January 30, 2010....
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This note was uploaded on 08/21/2010 for the course ACCT MKTG321 taught by Professor Ms.kris during the Spring '10 term at DeVry Long Beach.

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