Elsie and Frida buy a condo near the beach in Gulf Shores, Alabama. On the death of either owner, that owner's interest in the condo passes to her heirs. This is

Question

Quizplus · Accepted Answer

A tenancy in common is a form of property ownership in which each co-owner (in this case, Elsie and Frida) owns a separate and distinct portion of the property. Each owner has the right to use the entire property, but only in proportion to their ownership share. In this scenario, on the death of either owner, that owner's interest in the condo would pass to her heirs, meaning that they would become new co-owners and hold the property as tenants in common with the surviving owner. This is different from a joint tenancy, in which the surviving owner automatically inherits the deceased owner's share of the property, and a life estate, in which a person owns property only for the duration of their life, and ownership passes to someone else upon their death. It is also different from ownership in fee simple absolute, which is the most complete form of ownership in which an individual has complete control and can sell, lease, or will the property to anyone they choose without any restrictions.

Elsie and Frida Buy a Condo near the Beach in Gulf