Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Laurie and Chance are considering purchasing a piece of land on which they plan to build a vacation home. Laurie and Chance are engaged to
Laurie and Chance are considering purchasing a piece of land on which they plan to build a vacation home. Laurie and Chance are engaged to be married, so they are unsure of how they should title the property. Which of the following statements is correct regarding their ownership and titling of the land?
ALaurie and Chance cannot own the property as joint tenants because joint tenancies may only be established between spouses.
BIf Laurie and Chance were married and owned the property as a joint tenancy between spouses, onehalf of the value of the property will be included in the probate estate of the first spouse to die without regard to the contribution of each spouse.
CIf the property is held as a joint tenancy then Laurie and Chance will each own the same fractional share in the property regardless of how much they contribute.
DIf the property is held as a joint tenancy and Chance dies first, the property will pass to Laurie unless Chances will directs a different disposition.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started