Question

1. Explain the differences between owning property as a
   1. tenant in common
   2. a joint tenant
   3. a tenant by the entirety
   4. a life estate tenant
2. Describe what it means to be a “remainderman” of a life estate interest. Can this interest be sold? Explain.
3. If Bob, Mary, and Jane own a home as tenants in common, and Mary wants to sell her interest in the home, can she? If so, how? And if not, why not? What difference does it make whether her co-tenants agree or disagree with Mary’s decision to sell?
4. Describe how an unrelated tenant in common or joint tenant should protect him- or herself from potential liability (for negligence, injury to guests, or casualty loss) if his or her fellow tenants are not willing to buy insurance to do so?

Answer 1

A remainderman is a person who inherits the property on the death of the life estate holder. “A remainderman” can sell his interest in the property nut the person who purchases the property can have only to possess the property after the death of the life estate holder. If the remainderman dies while life estate tenant is still alive than the remainderman’s heirs will inherit the property.

Bob, Mary, and Jane are entitled to equally use the property and but have a share in proportion to their investment in the property. Mary or any one person can sell, lease or mortgage his undivided interest. Each owns apart based on the proportion of his investment in the property. It does not make any difference as long as Mary is selling her share in proportion to her investment.

*" pls sub, it the last question for answering."

1. Explain the differences between owning property as a:
   1. Tenant in common: Two or more tenants can hold the property as Tenant of commons when unity of possession is present. "That is when each is entitled to occupy the property." When a tenant in common dies his interest in the property passes to heirs, not to the surviving tenants in common.
      2. A joint tenant: An estate in land owned by two or more person. If two people own land as joint tenants if one dies other becomes the sole owner when another person dies.
      3. A tenant by the entirety: Husbands and wives hold property as a tenant by the entirety. It is a form of joint tenancy expect it is for husband and wife. Neither spouse can individually terminate it. It has to be done by both based o a joint decision.
   1. 4. A life estate tenant: A life estate tenant can use the property during life and it passes on to his heirs after his death. It is the ability to pass on the property to your heirs on death without giving up the right to live in it and to avoid probate.
   2. Describe what it means to be a “remainderman” of a life estate interest. Can this interest be sold? Explain.
   3. If Bob, Mary, and Jane own home as tenants in common, and Mary wants to sell her interest in the home, can she? If so, how? And if not, why not? What difference does it make whether her co-tenants agree or disagree with Mary’s decision to sell?