In 2020, brothers Liam and Noah purchased a commercial property at 456 Main Street, Richmond, for $2,000,000, explicitly registering it as tenants in common, with Liam holding a 70% share and Noah a 30% share. In 2023, Liam unexpectedly passed away. His will bequeathed all his real estate holdings to his daughter, Olivia. Assuming no other agreements were in place, what is the precise legal ownership status of the property immediately after Liam's death?

Question: In 2020, brothers Liam and Noah purchased a commercial property at 456 Main Street, Richmond, for $2,000,000, explicitly registering it as tenants in common, with Liam holding a 70% share and Noah a 30% share. In 2023, Liam unexpectedly passed away. His will bequeathed all his real estate holdings to his daughter, Olivia. Assuming no other agreements were in place, what is the precise legal ownership status of the property immediately after Liam's death?

Answer options:

• Noah automatically becomes the sole owner of the entire property through the right of survivorship. ✅ Noah remains a 30% owner, and Liam's 70% share is transferred to Olivia, making Olivia and Noah tenants in common.
• The property must be sold, and the proceeds distributed with 70% to Olivia and 30% to Noah.
• Olivia inherits a life estate in Liam's 70% share, with Noah retaining his 30% interest.

Correct answer: Noah remains a 30% owner, and Liam's 70% share is transferred to Olivia, making Olivia and Noah tenants in common.

Explanation: Unlike joint tenancy, tenancy in common does not include the right of survivorship. Each tenant in common holds a distinct, undivided share that can be independently transferred or passed on through a will. Therefore, Liam's 70% share passes to Olivia.