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Author Question: Once a developer finishes a project, homeowners become responsible for enforcement of deed ... (Read 96 times)

kamilo84

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on: Jun 24, 2018
Once a developer finishes a project, homeowners become responsible for enforcement of deed restrictions.
  Indicate whether the statement is true or false

Question 2

Bill purchased a house on September 3, 2007 for 445,000. On November 5, 2007, he deeded the property to William H. Smith himself and Jane D. Smith, husband and wife, not as community property and not as tenants in common, but as joint tenants with right of survivorship. What type of coowners are Bill and Jane? (They were married in October of 2007).


ebenov

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Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

Bill has attempted to create a joint tenancy and the language used is clear, but the unity of time is missing - a strawman transaction should have been used. In some states the strawman transaction is waived, so there would be a joint tenancy with rights of survivorship.


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