Home Buying 103 - Title Company
The third pillar in home buying is the Title Company. There are numerous good title companies in Tucson. Their role is to compile everything the seller, buyer, and lender instruct into a meaningful result. Title Companies also check county records to find recorded liens and other recorded documents that will impact on the sale and purchase of a property.
There are different ways to take title to a property.
- Tenancy In Severalty (Sole and Separate Ownership) - Primarily for single person ownership.
- Joint Tenancy (Joint Tenancy with right of survivorship) - For couples or co-ownership. One of the most common methods of ownership.
- Community Property - Works for married couples, but, does not guarantee right of survivorship.
- Community Property with right of survivorship - Primarily for couples who are concerned about taxes, capital gain, etc. Similar to Joint Tenancy with right of survivorship. However, each has its own tax implication and requires expert advise from a tax accountant or lawyer.
- Tenancy In Common - Co-ownership by two more persons with no right of survivorship.
- Real Estate Syndication (General Partnership, Limited Partnership, or Limited Liability) - Pooling of resources for an investment. To read the rest of this article (click here)
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