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 co?owners are Bill and Jane? (They were married in October of 2007)
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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