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. Which form of concurrent ownership would allow Karen, Kelsey, and Rita to 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

With joint tenancy, the right of survivorship means that when one owner dies, their share automatically transfers to the other remaining owners. This means that Karen, Kelsey, and Rita would become the sole owners of the property after Lizzi's death. However, this does not apply to a tenancy in common or a community property. Additionally, a tenancy by entirety is only available to married couples.

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