Home Buyer Information
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Common Ways to Hold Title
Title to real property in California may be held wither in Sole Ownership or in Co-Ownership. Sole ownership of real property is defined as when the title is held by a single person. Co ownership occurs when the title is held by two or more persons.
Within these two types of ownership there are several variations as to how title may be held. Under Sole Ownership, title is held most commonly as: * A single Man or Woman: An individual who is not legally married. * An Unmarried Man or Woman: An individual who has been married and now is legally divorced; or an individual who was registered in a domestic partnership and has now had that partnership dissolved. * A Married Man, Woman, or Registered Domestic Partner, as Their Sole and Separate Property: When a married individual or a registered domestic partner wishes to acquire title in their name alone, the spouse or partner must consent by quitclaim deed or otherwise, to transfer and therefore relinquish all rights, title and interest in the property. Under Co-Ownership, title is held most commonly as: * Joint Tenancy: A joint tenancy is a form of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole property and an equal right to its use during his or her life. A chief characteristic of joint tenancy property is the right of survivorship. When a joint tenant dies, title to property immediately vests in the surviving joint tenant(s). * Community Property: Community Property is defined as property owned in common by husband and wife, eeach having an undivided one-half interest by reason of their marital status. Real property conveyed to a married individual is presumed to be community property, unless otherwise stated. Under community property, both spouses have the right to dispose of half of the community property. If a spouse exercises their right to dispose of their half, that half is subject to administration in the estate. * Tenancy in Common: Under tenancy in common (TIC), the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal and may even arise at different times. There is no right of survivorship: each tenant owns an interest which, on his or her death, vests in his or her heirs or devisees. * Community Property with Right of Survivorship: Community property with tight of survivorship is the same as Community Property except that upon the death of one spuse, the entire property automatically transfers to the surviving spouse. Domestic partners in this situation have the same legal rights and protections. * Trusts: Title to property in California may be held in a title holding trust. The trust holds legal equitable title to the real estate. The trustee holds title for the trustor/beneficiary who retains all of the rights and responsibilities. These are the most common ways to hold title, though there are several other methods. For more information on the different methods , visit www.PlacerTitile.com
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