4 Ways to Take Title of California Property and the Advantages and Limitations of Each

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

4 Ways to Take Title of California Property and the Advantages and Limitations of Each

Today we will be speaking about the advantages and limitations of a variety of ways to take title of residential property under California law. Please remember that the goal of this video is for your own education. We are not dispensing legal advice.

1. Tenancy in Common: This is when title occurs between two or more persons. Interests can be divided equally or unequally, but usually the law specifies that interests are equal. Each co-owner can transfer or mortgage their interest separately.


2. Joint Tenancy: This is when title is between two or more natural persons (meaning that these are not corporations or partnerships which are allowed by tenancy in common). Ownership interest must be equal, and each co-owner may transfer ownership interest separately, but tenancy in common results. A big advantage to this type of title is the right of survivorship, which avoids probate court (probate court is time consuming and expensive).


3. Community Property: Title is shared by domestic partners or spouses. Ownership interest is equal and each partner must consent to transfer or mortgage. Decedents' interest passes to the spouse or partner unless devised by the will or otherwise. There are qualified survivorship rights and tax advantages for the survivor.


4. Community Property with Right of Survivorship: Like the example above, title is shared by spouses or domestic partners. The only difference from community property is that the right of survivorship automatically gives half interest in the property to the surviving spouse.

As you know, we are not attorneys or accountants, and we suggest you consult one or both if you need further explanation on title of real property.

However, if you know anyone thinking about buying or selling real estate in the Los Angeles or Covina area, please let us know and we would be glad to help them out. You can reach us at (626) 414-3597 or email Monica at monica@monicamakesithappen.com.

How to Avoid these 6 Common Home Selling Mistakes

There are many Greater LA area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Caculator so you know what buyers will pay for your home in today's market. You may also call me at (626) 414-3597 for a FREE home buying or selling consultation to answer any of your real estate questions.

How to Avoid these 6 Common Home Selling Mistakes

In accordance with our commitment to educate you about real estate, we are here to talk about 6 common mistakes people make when selling their property. Keep in mind that all of these are totally avoidable - you just need to know about them beforehand.

6 Common Home Selling Mistakes

1.     Overpricing Property: This initial mistake can ruin a perfectly sell-able property. Luckily, Monica has a good handle on Southern California homes and can effectively price yours for a fast sale at a premium price. Always consult a professional like Monica, who has over 14 years of experience.

2.     Inability to show a home: You must make your home available to as many consumers as possible. If you can't show your home to a large audience, then your chances of selling it have already significantly decreased.

3.     You Must Declutter & Depersonalize Your Home: In relation to showing your home, you cannot have clutter or personal items like artwork or posters showing when you are trying to sell it. Neutralize your home so that buyers can imagine themselves inhabiting it. Plus, if you're going to be moving out, it's good to get all the clutter cleared out anyway.

4.     Unpleasant Odors: Once again, aim to have your property as neutral as possible, including the way it smells. Don't smoke inside your home, and avoid cooking fragrant foods like cabbage or curry. Even pleasant smells should be avoided in a home because those carry personality, and you want to aim for neutrality. If you have pet stains or odors, consult a professional service to remove them.

5.     Unwillingness to Negotiate with Buyers: Real estate agents are professional negotiators and they have your best interests in mind with everything they do. No real estate deal goes without a hitch, so expect negotiations, and expect your agent to work in your favor each and every time. Concessions are sometimes necessary for the sale to occur.

6.     Unwillingness to make repairs: If a buyer is making an investment on your property, it is certainly within reason for them to have concerns about repairs. The thing is, you have to choose your battles wisely. Some repairs can be more important than others, and your agent should negotiate and inform you as to which ones are most crucial to sell your property.

Hopefully this information has been helpful for you. If you know anyone that is interested in buying or selling property in the Southern California area, then please contact us and we would be glad to help them out. Give us a call at (626) 414-3597 or email us at monica@monicamakesithappen.com