Buying a House – Do You Know How to Take Title
There is so much to know when buying a home and how to take title (ownership) is another facet. If you are unsure, please seek the counsel of an attorney and/or CPA . As I am not an attorney my focus for sharing this information is to make you the buyer aware of the possibilities here in California.
- Community Property – this is for husband wife only; ownership interests are equal; requires written consent of other spouse or actual conveyance by deed. on death of either party one half belongs to survivor in severalty, one half goes by will to decendant’s devisee or by succession to survivor
- Community Property Right of Survivorship – only husband and wife, both co owners have equal management and control; upon death of spouse, his/her interest passes to surviving spouse without administration similar to property held in joint tenancy
- Joint Tenancy – Any number of persons, can be husband and wife; ownership interest is equal; conveyance by one co-owner without the other breaks this joint tenancy; On co-owner’s death his/her interest ends, survivor owns the property by survivorship
- Tenancy in Common – Any number of persons; each co-owner has separate legal title to their undivided interest; each co-owner’s interest may be conveyed separately by its owner; on co-owner’s death their interest passes by will to devisee or heirs. No survivorship right.
- Tenancy in Partnership – only partners; purchaser acquires interest that partnership owned; on partner’s death their partnership interest passes to surviving partners pending liquidation of the partnership and share of deceased partner then goes to their estate
Well there you have it – are you thoroughly confused, if so, I reiterate – get advise from the professionals to understand all tax and legal consequences of taking title to real estate.
Filed under: General RE Tips
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