**Property Ownership Scenarios: Understanding Joint Tenancy vs. Tenancy in Common****Scenario Description:**Xena and Zinc jointly owned a parcel of property. Xena sold her share of the property to Sola. Xena then died. Xena has a child, Eos, and Zinc has a child, Kirros. This raises questions about property ownership depending on whether it was owned as joint tenants or as tenants in common.**Case Analysis:**1. **Joint Tenancy:** - In joint tenancy, owners have equal shares of the property with the right of survivorship. This means if one owner dies, their share automatically passes to the surviving joint tenant(s). - Since Xena sold her share to Sola before her death, the joint tenancy between Xena and Zinc was severed, converting it into a tenancy in common. - After Xena’s death, ownership would depend on the new status as tenants in common (explained below).2. **Tenancy in Common:** - Each owner has a distinct share, and there is no right of survivorship. - Xena’s share, which she sold to Sola, is effectively owned by Sola. Zinc retains their original share. - Therefore, post Xena’s death, Sola and Zinc own the property as tenants in common with respect to their acquired shares.**Conclusion:**- If initially held as joint tenants, once Xena sold her share to Sola, joint tenancy was converted to tenancy in common. Thus, Zinc and Sola now own their respective shares.- If initially held as tenants in common, the ownership outcome remains the same post-sale and death: Zinc and Sola are the property owners.

The joint tenancy and tenancy in common are the form of ownership. Joint tenancy is ownership in…

Xena and Zinc jointly owned a parcel of property. Xena sold her share of the property to Sola. Xena then died. Xena has a child, Eos, and Zinc has a child, Kirros. If the property was owned as joint tenants by Xena and Zinc, who now owns the property and why? If instead the property was owned as tenants in common, who now owns the property and why?

Xena and Zinc jointly owned a parcel of property. Xena sold her share of the property to Sola. Xena then died. Xena has a child, Eos, and Zinc has a child, Kirros. If the property was owned as joint tenants by Xena and Zinc, who now owns the property and why? If instead the property was owned as tenants in common, who now owns the property and why?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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