7 Ways to Hold Title

Title to real property in California may be held by individuals, either by Sole Ownership or in Co-Ownership. There are several variations as to how title may be held in each type of ownership.

 SOLE OWNERSHIP

1.       A Single Man/Woman: A man or woman is not legally married.

-Ex: John Doe, a single man

2.       An Unmarried Man/Woman: A man or woman who has been married, and is legally divorced.

-Ex: John Doe, an unmarried man

3.       A Married Man/Woman, as His/Her and Separate Property: When a married man or woman wishes to acquire title in his or her name alone, the spouse must consent, by Quit Claim Deed or otherwise, to transfer, thereby relinquishing all right, title and interest in the property.

-Ex: John Doe, married man, as his sole and separate property

CO-OWNERSHIP

4.       Community Property: Community property is property acquired by a married person during marriage when not acquired as the separate property of either. Real property conveyed to a married man or woman is presumed to be community property unless otherwise stated. Both spouses have the right by will to dispose of ½ of the community property subject to administration in the estate. If a spouse chooses not to dispose of his or her ½ interest by will, all of the community property will go to the surviving spouse.

-Ex: John Doe and Mary Doe, Husband and Wife as community property

5.       Community Property with Right of Survivorship: Community property acquired by a spouse or Domestic partner when expressly declared in the transfer document to be “community property with right of survivorship” shall pass to the surviving spouse without having to first pass through the administration of the estate.

6.       Joint Tenancy: A joint tenancy estate is defined in the Civil Code as follows: A joint interest is on 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 property is the right of survivorship. Upon the death of a joint tenant, title to the property in its entirety would be conveyed to the surviving tenant.

                -Ex: John Doe and Mary Doe, Husband and Wife as joint tenants

7.       Tenancy in Common: Under tenancy in common, the co-owners own undivided interests, but unlike tenancy, these interests need not be equal in quantity or duration and may arise at different times. There is no right of survivorship.

 

Tim Brodowski, MBA, CNE, GRI, BPOR, CIEA, MilRes Spec

Call/Text 858-354-2354
Email TimBro97@aol.com
www.TimBroHomes.us
BRE #01224576