medium · National Real Estate Exam property-ownership
A, B, and C own a $600,000 property as joint tenants. C is in significant debt and a court issues a judgment against him. Before the property can be sold at a sheriff's sale to pay the debt, C dies.
Who owns the property?
- The creditor owns C's one-third interest as a tenant in common with A and B.
- A and B own the property as joint tenants, and C's interest is extinguished.
- A, B, and C's estate each own one-third as tenants in common.
- The property escheats to the state because of the unpaid debt.
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