How you take Title to Real Property: Part 2

In part two of this this 2 segment blog, OCCOASTPROPERTIES concludes the series on how you take Title to real property in California covering Co-Ownership.

As noted before, Title to real property in California may be taken in either Sole Ownership (Part 1) or Co-Ownership (Part 2).

Part 2: Co-Ownership

Community Property
The California Civil Code defines community property as property aquired by husband and wife, or by either. Real property conveyed to a married man or woman is presumed to the community property, unless otherwise stated. Under community property, both spouses have the right to dispose of one half of the community property. If a spouse does not execise his/her right to dispose of one-half then the one-half will go to the surviving spouse without administration. If a spouse exercise his/her right to dispose one-half, that half is subject to administration in the estate.
Example Title: John Doe, and Jane Doe, husband and wife, as community property
Example Title 2: John Doe, and Jane Doe, husband and wife
Example Title 3: John Doe, a married man

Joint Tenancy
A joint tenancy estate is defined in the Civil Code as follows: "A joint interest is one owned by two or more persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to be a joint tenancy." A chief characteristic of joint tenancy is the right of surviorship. When a joint tenant dies, title to the property immediately vests in the surviving joint tenant(s). As a consequence, joint tenancy property is not subject to disposition by will.
Example Title: John Doe and Jane Doe, husband and wife, as joint tenants

Tenancy in Common
Under tenancy in common, the co-owners own undivided interest, but unlike joint tenancy, these interests need not be equal in quantity or duration, ad may arise at different times.There is no right of survivorship; each tenant owns and interest which, on his or her death, vests in his or her heirs or devisees.
Example Title: Steve Mino, a single man, as to an undivided 3/4 interest, and Natalie Vizir, a single woman, as to an undivided 1/4th interest; as tenants in common

Trust
Title to real property in California may be held in a title holding trust. The trust holds legal and equitable title to the real estate. The trustee holds title for the trustor/beneficiary who retains all of the management rights and responsibilities.

Community Property with Right of Survivorship
Community Property of a husband and wife, when expressly declared in the transfer document to be community property with the right of survivorship, and which maybe accepted in writing on the face of a document by a statement signed or intitaled by the grantees, shall, upon death of one of the spouses, pass to the survivor, without administration, subject to the same procedures as porperty held in joint tenancy

This concludes the 2 part blog on "How to take Title of Real Property." The summaries are a few of the more common ways to take title to real property in California and should be regarded for informational purposes only. For a more detailed understanding of the legal and tax consequences, appropriate consultation is recommended. There are definite tax and legal consequences on how you hold title. OCCOASTPROPERTIES strongly recommends you contacting an attorney and/or CPA for specific advice on how you actually vest your title.

Considering buying or selling your home? Call us or EMAIL us today!

Visit us at www.occoastproperties.com

Referrals are our greatest compliment! Check out our REFER-A-FRIEND link!

Be sure to subscribe to our BLOG so you can get notifications when OCCOASTPROPERTIES answers:

WHAT'S HAPPENING IN REAL ESTATE TODAY?

Steve Mino & Natalie Vizir

Century 21

OCCOASTPROPERTIES.COM

"A rich man is one that realizes his friends and family are his most valuable possessions"

OCCOASTPROPERTIES Supports WALK for LUPUS NOW! Join us in our fight against this curable disease! Click HERE!