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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.
- 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.
- 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).
- 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.
- 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.
