Question

THE BOOK BEING USED :Real Estate Principles (10th Edition) by Charles O. Stapleton and Martha R. Williams

Chapter 4 questions :

1. George married Helen in january 2008. In march 2010, Helen's father died, leaving Helen's condominium in Palm Springs. Who owns the condominium and in what form of ownership

2. George and Helen, who married in 2008, purchased a house in 2012. Who will the law presume to own the house and in what form of ownership ?

Answer 1

1) Helen owns the condominium in palm springs in the form of sole ownership because she being sole heir of her deseased father. In case of absence of will the property would have transferred to the estate of the deseased. Also she will receive the same at market value hence,need not worry of capital gains.

2) Since, it is given that George and Helen purchased the house so we presume that the property is jointly owned. Also if husband and wife jointly own house property they are eligible of tax benefits.