1 answer

Able and Baker buy Blackacre for One Million dollars; Able puts in $800,000.00; Baker puts in...

Question:

  1. Able and Baker buy Blackacre for One Million dollars; Able puts in $800,000.00; Baker puts in $200,000.00. They hold title as joint tenants. Who owns what portion of that property?

    1. Able owns one half; Baker owns one half.

    2. Able owns 80%; Baker owns 20%.

    3. Able owns 100%; Baker owns 100%.

    4. Able owns 100%; Baker owns nothing.


Answers

Able owns 100%; Baker owns 100%.

In this case it is quite clear that as they form a joint tenancy relationship, they enjoy equal ownership of property and equal rights as well.

.

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