You and your roommate have decided to purchase a house together.If you want your share of the asset to pass on to your relatives named in your will,what type of ownership should you establish for the house?

Question

Quizplus · Accepted Answer

With tenancy in common, each owner has a separate and distinct share in the property. Each owner can transfer or sell their share as they wish, including passing it on to their heirs through their will. This ownership type allows for more flexibility and control over the property compared to joint tenancy, which has the right of survivorship that automatically transfers ownership to the surviving owner upon the death of the other. Community property is not applicable in this situation, as it is a type of ownership typically recognized only in certain states and for married couples. Tenancy by the entirety is also not applicable in this situation, as it is a type of ownership recognized only between married couples and does not typically allow for the transfer of ownership through a will.

You and Your Roommate Have Decided to Purchase a House