Ways for Two or More Individuals to Hold Title Together

By
Real Estate Agent with California Coast & Country Homes, Inc. BRE 01895773

 

I've read an article from Stewart Title eNewsletter and it's worth sharing...

For the full details, click this link: http://image.exct.net/lib/fef61773726301/d/1/HoldTitle.pdf
 

The four ways for two more people to hold title within the state of California:

1. Tenancy in common

  • Parties - any number of persons (including married or registered domestic partners)
  • Title - Each co-owner has a separate legal title to his or her undivided interest.
  • Possession - Equal rights of possession


2. Joint Tenancy

  • Parties - any number of persons (including married or registered domestic partners
  • Title - Co-owners must acquire interest all the same time and from the same person (may be created by deed from a sole owner to self and to others).
  • Possession - Equal rights of possession

3. Community Property

  • Parties - Only married couples or registered domestic partners have community property rights.
  • Title - Title is in the "community".  Each interest is separate but management is unified.
  • Possession - Both co-owners have equal rights of possession.


4. Community Property with Right of Survivorship

  • Parties - Only married couples or registered domestic partners
  • Title - Title is in the "community".  Each interest is separate but management is unified.  Title must expressly state community property with right of surivorship.
  • Possession - Both co-owners have equal rights of possession.

The information concerning ownership vesting is for informational purposes only.  Contact an attorney or CPA if you desire advice regarding a specific manner of holding title to property.


Our gratitude to Stewart Title for providing these helpful information.

Posted by

Regina P. Brown
Broker, Realtor®, e-Pro
California DRE # 00983670
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice

www.CalCoastCountry.com

   

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Text copyright © 2011 R.P. Brown, All Rights Reserved

Page copy protected against web site content infringement by Copyscape  

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Show All Comments
Ambassador
1,094,342
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
This is a good explanation that will likely be very beneficial to the consumer.
Jun 11, 2012 06:38 PM #1
Ambassador
683,773
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

"Titles" are a topic that always has to be explained to buyers as they really don't know what it is and why it is necessary.  This is very plain and clear.  Agents may find that this helps them explain it better as well.

 

Jun 12, 2012 06:17 AM #2
Rainmaker
565,495
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

Regina, your information is 100% right on the money.  It is important for buyers to understand the differences.

Jun 13, 2012 06:18 PM #3
Rainer
147,279
Andrew Capelli
Fidelity National Title - Troy, MI

Regina: Nice article and, obviously, you're working with the best title company!  :)  Glad your post was featured in BananaTude- Thanks for sharing!  :)

Jun 14, 2012 07:19 AM #4
Rainmaker
400,284
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

Melissa, I agree with you that's why I re-post this article provided by Stewart Title.

Charita, that's true! Thank you for dropping by and leaving your comments.

Kathy, thank you for appreciating!  It helps the agents to explain to their buyers.

Andrew, our gratitude to Stewart Title for sharing this detailed list.  Thanks for your feedback too!

Jun 17, 2012 11:30 PM #5
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Regina P. Brown

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