MAY 13, 2011
BUYING IN ORANGE COUNTY As a married couple you may ask yourself at closing... How will I vest as a married couple??? What does it all mean? How should I vest? Will one benefit me more over another? Well, you will have to be the judge of that!!!
Ownership by two or more parties can be vested in the forms below.
BUYING IN ORANGE COUNTY AS JOINT TENANCY (also called JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP) is ownership by two or more parties. The primary characteristic of joint tenancy is that in the event one of the co-owners dies, the surviving owner(s) would automatically take title when a certified copy of a death certificate is recorded into public records and a probate process would not be required. An individual joint tenant may sell or divest their interest in the property. If a joint tenant sells their individual interest, the new deed will be vested as tenancy in common, and no tenant would then have a right of survivorship. A joint tenant cannot will his interest to another party.
BUYING IN ORANGE COUNTY AS TENANTS IN COMMON is ownership by two or more parties where each individual has an undivided interest. The ownership is often divided equally, but unequal division is possible. owner can sell, convey, or mortgage their individual portion of the interest without the consent of the others.
TENANTS BY THE ENTIRETY is ownership for husband and wife. It is similar to a joint tenancy in that is also characterized by survivorship. With this vesting option the married couple is legally considered to be one entity. Ownership can be sold or divested only by joint action of the husband and wife during their lives. Creditors of an individual spouse may not attach and sell the interest of a debtor spouse. Therefore, only creditors of the couple may attach and sell the interest in the property. Generally, a tenancy by the entirety cannot be reduced to a joint tenancy or tenancy in common by simply recording another conveyance of property- but must be accompanied by a divorce or annulment. Not all states recognize this type of vesting. In some states, tenants by the entirety is assumed for a husband and wife if the deed does not properly state vesting.
BUYING IN ORANGE COUNTY AS COMMUNITY PROPERTY is ownership by a married couple where each spouse owns one-half of the property bought during their marriage. Currently there are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Real property in these states that is acquired by a husband and wife, or by either one of them alone, is presumed to be community property unless otherwise stated. Each spouse has equal rights of management and control of the property and each spouse has the right and the convey one-half of the interest in their will. For one spouse to convey their interest while they are alive, the other spouse must agree.
IF YOU ARE BUYING IN ORANGE COUNTY AND HAVE A QUESTION OF HOW YOU SHOULD VEST, CALL CREED LAW AT 800. 679.4202 FOR SPECIFIC DETAILS...