On March 25, 2001, Margaret D. Smith and Mrs. Smith's daughter and son-in-law, Judy and Troy Reed (Defendants), bought a home in Mooresville, North Carolina. Countrywide Home Loans, Inc., (Plaintiff) agreed to finance the purchase of the home and provided a loan of $117,900 to Mrs. Smith. The general warranty deed named the grantees as "Margaret D. Smith and Troy D. Reed and wife, Judy C. Reed as Joint Tenants with rights of survivorship."
Margaret Smith has passed away and has left all of her property to her son, Jack. Which of the following is an accurate statement as to the ownership of the home?

Question

Quizplus · Accepted Answer

Since the property was held as joint tenants with rights of survivorship, upon Margaret Smith's death, her interest automatically passed to the surviving joint tenants, Troy and Judy Reed.