Teresa and her brother Michael decide to purchase a condo together. They both want to use the

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Teresa and her brother Michael decide to purchase a condo together. They both want to use the condo for family vacations. The price of the condo is $620,000. Michael expects to use the condo 60% of the time and Teresa 40% of the time. Michael contributed $372,000 and Teresa contributed the balance. Their ownership percentage equals their contribution percentage. Which type of property titling must the condo be to reect their ownership interest? a. Community Property. b. JTWROS. c. Tenancy in Common. d. Tenancy by the Entirety

Posted Date: Jun 06, 2024 03:20 AM

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