Two partners in a business purchase a parcel of real estate. They will have uneven ownership of the property. They both want their heirs to inherit their respective share upon their death. They should own the property as:

Question

Social Studies

Eric Glenn

14 May, 08:19

Two partners in a business purchase a parcel of real estate. They will have uneven ownership of the property. They both want their heirs to inherit their respective share upon their death. They should own the property as:

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Answers (1)

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Vivian Rangel · Answer 1

Tenancy in Common

Explanation:

Based on the information provided within the question it can be said that they should own the property as a Tenancy in Common. This is a type of property ownership in which two or more individuals buy shares of a property (which can be unequal amounts) and are part owners of that property. In the case that one property owner dies, his/her shares are transferred to the beneficiary listed on the will or the oldest living heir.