Asked by Silvia Sanchez on Jun 12, 2024
Verified
Edith, Elsa, and Ellen are sisters who own 100 acres of land as tenants in common. Discuss the interest each has in the real estate.
Real Estate
Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature.
Interest
The cost of borrowing money, typically expressed as a percentage of the amount borrowed, which the borrower pays to the lender as a fee over time.
Tenants in Common
A form of co-ownership where each tenant holds an undivided interest in property, but without right of survivorship.
- Understand the functioning of concurrent ownership along with the rights and responsibilities of co-owners.
Verified Answer
MP
Marcos PeresJun 15, 2024
Final Answer :
Each one has the right to possession, none of them can claim any specific portion of the land. Each has an undivided interest in the property. There is no right of survivorship. The interests can be devised by will, pass by intestate succession, or be sold.
Learning Objectives
- Understand the functioning of concurrent ownership along with the rights and responsibilities of co-owners.