Two unmarried persons want to buy property in such a way that upon the death of one, the other will own the entire property. They should take title as

Rationale

They should take title as joint tenants.

Joint tenancy is a form of property ownership that includes the right of survivorship, meaning that when one owner dies, the surviving owner automatically receives full ownership of the property. This arrangement fits the requirement that upon the death of one person, the other will own the entire property.

A (tenants in common.) YOUR ANSWER

Tenants in common hold property individually, meaning that each party owns a distinct share of the property. In the event of one owner's death, their share does not pass to the other tenant but instead goes to their heirs, contradicting the requirement for the surviving owner to inherit the entire property.

B (joint tenants.) CORRECT

As previously mentioned, joint tenants share equal ownership and possess the right of survivorship. This means that upon the death of one tenant, the other automatically inherits the deceased tenant's share, fulfilling the conditions of the question perfectly.

C (severalty.) YOUR ANSWER

Ownership in severalty indicates that one individual owns the entire property exclusively. If one unmarried person owns the property solely, there is no shared ownership or right of survivorship, which does not meet the criteria for both individuals wanting to ensure full ownership for the survivor.

D (tenants by the entireties.) YOUR ANSWER

Tenancy by the entireties is a form of joint ownership that is exclusively available to married couples. Since the question specifies that the individuals are unmarried, this option is not applicable and does not satisfy the requirement for property ownership upon the death of one party.

Conclusion

For two unmarried persons wishing to ensure that the surviving owner retains full property rights upon the death of the other, the correct form of ownership is joint tenancy. This arrangement provides the necessary right of survivorship, distinguishing it clearly from other forms of property ownership that do not support the intended outcome.

Two unmarried persons want to buy property in such a way that upon the death of one, the other will own the entire property. They should take title as

They should take title as joint tenants.

Related Questions

Related Quizzes

How familiar were you with this question?

Report an Issue

Rate this Practice Test