Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners.They are tenants with the right to survivorship.Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella.Under which of the following forms of concurrent ownership would Karen, Kelsey, and Rita become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella?

Question

Quizplus · Accepted Answer

Karen, Kelsey, Rita, and Lizzi are concurrent owners with the right to survivorship, which is a key characteristic of joint tenancy. When Lizzi transfers her interest to the private charity organization, it destroys the unity of title required for joint tenancy because the charity organization is not considered to be a joint tenant. Therefore, Karen, Kelsey, and Rita would become tenants in common with the private charity organization, and each party would own a specific share of the property. However, if Lizzi had not transferred her interest, then all four parties would continue to be joint tenants, and upon Lizzi's death, her interest would pass automatically to the surviving joint tenants (Karen, Kelsey, and Rita) without the need for probate.

Karen, Kelsey, Rita, and Lizzi Own a Large Commercial Building