Ways for Two or More Individuals to Hold Title Together

By
Real Estate Broker 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
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Text copyright © 2011 R.P. Brown, All Rights Reserved

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Topic:
Real Estate Best Practices
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Ambassador
1,064,025
Melissa Zavala
Broker, Escondido Real Estate, San Diego County
Broadpoint Properties
This is a good explanation that will likely be very beneficial to the consumer.
June 11, 2012 06:38 PM
Ambassador
681,465
Charita Cadenhead
Serving Jefferson and Shelby Counties (Alabama)
Keller Williams Realty

"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.

 

June 12, 2012 06:17 AM
Rainmaker
563,794
Kathy Sheehan
Movement Mortgage 770-634-4021

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

June 13, 2012 06:18 PM
Rainer
135,063
Andrew Capelli
Fidelity National Title

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

June 14, 2012 07:19 AM
Rainmaker
378,934
Regina P. Brown
e-Pro Realtor
California Coast & Country Homes, Inc.

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!

June 17, 2012 11:30 PM
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Rainmaker
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Regina P. Brown

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Top California Broker and Realtor Regina P. Brown writes articles and blogs about local real estate trends, houses for sale, and tips for home buyers.