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Pete and Joe own an apartment building as joint tenants. If Pete sells his interest to Clem, what are the implications for the ownership structure?

Answer :

Final answer:

Pete's sale of his interest in the joint tenancy property to Clem breaks the joint tenancy, creating a tenancy in common between Joe and Clem, where there is no right of survivorship.

Explanation:

When Pete and Joe own an apartment building as joint tenants, there is a right of survivorship, meaning if one of them passes away, the other automatically inherits the entire property. If Pete decides to sell his interest in the property to Clem, the joint tenancy is broken, and a tenancy in common is created between Joe and Clem.

Unlike joint tenancy, there is no right of survivorship in a tenancy in common, and each owner can transfer their share freely. Thus, Pete's sale of his interest would not transfer any right of survivorship to Clem, and Joe would retain his share with the survivorship right terminated regarding Pete's former share.

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