Buyer Tips

Methods of Holding Title

These methods of holding title (vesting) have certain significant legal and/or tax consequences. Advice from an attorney, tax consultant or another qualified professionals recommended.

Sole Ownership

Single man/woman: a person who has not been legally married.

An unmarried man/woman: a person who was previously married and is now legally divorced or is now widowed.

A married man/woman as his/her sole and separate property: a married person who wishes to acquire title in his or her name alone. The company insuring title will require the spouse of the married man or woman acquiring title to specifically disclaim or relinquish his or her interest in the property. This is usually done with a grant deed or quit claim deed.

Co-Ownership

Community property: property owned by husband and wife during their marriage. In California real property conveyed to a man or woman is presumed to be community property unless otherwise stated. Under community property law each spouse has the right to dispose of one half of the community property, including transfers by will.

Joint tenancy: property owned by two or more persons, who may or may not be married, in equal interest, subject to the right of survivorship by the surviving joint tenant. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant. Joint tenancy property is not subject to disposition by will.

Community property with right of survivorship: property owned by husband and wife during their marriage. This is a combination of community property's proposed future tax benefits and joint tenants' automatic right of survivorships.

Tenancy in common: property owned by any two or more individuals in undivided fractional interests. These fractional interests may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property. Each co-tenant may sell, lease or will to heirs their share of the property.

Other Ways of Holding Title

A trust: an arrangement whereby legal title to property is transferred by the grantor to a person called a trustee to be held and managed by that person for the benefit of the people specified in the trust agreement, the beneficiaries.

Information deemed reliable but not guaranteed to be accurate. Listing information updated daily.
Copyright © 2004 - 2013 Movoto LLC.  All rights reserved.
English | Español | 简体中文