Question

simon and jeffrey are a married couple. they had taken title of a condo before they married with simon owning 30% and jeffrey owning 70%. simon dies. simon's share of the condo passes on to his brother kelly. how had simon and jeffrey taken title?

Answer 1

The kind of title that Simon and Jeffery had taken is called Tenancy in Common Title.

What is Tenancy in Common Title?

Two or more people hold title to real land jointly under tenancy in common (TIC), with equal or uneven amounts of ownership. For example, Sarah may have a 40% stake in a property whereas Bob has a 60% interest.

At the same time, the persons mentioned on the title share all elements of the property. That example, Sarah is not limited to accessing only 40% of the physical property or 40% of the time.

Each owner is entitled to utilize and occupy the entire property. The proportion of interest merely establishes the financial ownership of the property.

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