Taking Title? - Don't Advise! Be wise!

By
Education & Training with Director of Education & Industry Outreach at eXp Realty & RE Tech Campus


When a buyer purchases property in California, often times they will ask us, or you, "How should we take title?"  We cannot advise the buyers, we can only suggest they speak to their CPA or attorney etc.

Now, there is a tool that helps one understand the ways in which they can take title and the different methods of holding title on real property.  We provide this to our realtors and our buyers. There is an explanation of the different ways to hold title and the benefits or explanations of each. 

Don't wait till the last minute to discuss this with your buyers.

They may need time to review the information and then talk to their accountant to find out what's best for them.  When we're funding tomorrow and recording the next day, this is not the time for your clients to be concerned with "how to hold title". 

Let me know if you need a copy of my "Methods Of Holding Title" marketing piece, I'd be glad to get you one! :-)

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Rainer
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Sarah Krasner
JFK Financial Inc. - Las Vegas, NV
This is how it is in Nevada as well. I get asked that question all the time. "How should I take title?" or "What's best?". At the signing table, I have a form that gives the description of each. It does NOT advise you of which is best.
Mar 23, 2007 03:34 AM #1
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Brad Andersohn
Director of Education & Industry Outreach at eXp Realty & RE Tech Campus - Fairfield, CA
ActiveBrad - 707.646.1876
Hi Sarah, I know we always want to help our clients in making the very best decisions in a home purchase, unfortunately, this is an area we all need to stay clear.  I am curious which form you use to provide your clients the features and benefits on how to take title.  Did you look at the link I provided in the post above? What are the differences?  I'd love to see what you provide your clients in Nevada.  Thanks.
Mar 23, 2007 04:59 AM #2
Rainer
7,774
Sarah Krasner
JFK Financial Inc. - Las Vegas, NV

Here is the meat of the form:

o   Husband and wife

o   A Widow

o   A Single Man (never been married)

•o      A married woman as her Sole and Separate Property

      (The Community Property Interest of Spouse to be conveyed)

o   A Single Woman (never been married)

•o      A married man as his Sole and Separate Property

   (The Community Property Interest of Spouse to be conveyed)

o   An Unmarried Man (divorced)

o   Trust (Copy of trust to be provided to Title prior to close)

o   An Unmarried Woman (divorced)

o   Partnership (Statement of Partnership to be provided to Title       prior to close)

o   A Widower

 

o   Corporation (Corporate Resolution to be provided to Title       prior to close)

PLEASE CHECK ONE OF THE FOLLOWING IN ADDITION TO THE ABOVE:

o   AS JOINT TENANTS (Upon death of one of the joint tenants, the property passes to the surviving joint tenant(s); it does NOT go through probate and it CANNOT be willed to an heir.)

o   AS COMMUNITY PROPERTY (For married couples.  All real property acquired during the course of the marriage is considered community property unless designated otherwise.  In case of death, property DOES go through probate, and CAN be willed to an heir.)

o   AS COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP (Carries the benefit of survivorship in that it does NOT go through probate in the event of death; it CANNOT be willed to an heir.)

o   AS TENANTS IN COMMON (Usually used by persons buying property together, but not married.  Need to state the individual interest of the persons taking title, i.e. 50% - 50%, OR 75% - 25% etc.  The ownership interest CAN be sold or willed; in the case of death, it DOES require a probate.)

o   AS HIS/HER SOLE AND SEPARATE PROPERTY (The interest of the spouse must be conveyed as Nevada is a "community property" state, and real property cannot be sold or encumbered without the spouse executing all documents evidencing consent.  The spouse will execute a deed divesting themselves of any possible community property interest by reason of the marriage.  CAN be willed; DOES require a probate in case of death.)

IF TENANTS IN COMMON please state the individual interests of each party (totaling 100%)                                     

                                                                                                                                                                          

WE MUST HAVE THE ABOVE COMPLETED AND RETURNED BEFORE WE MAY PROCEED WITH YOUR ESCROW.

PLEASE SEEK THE ADVICE OF YOUR LEGAL COUNSEL OR QUALIFIED CPA ON THE BEST WAY FOR YOU TO HOLD TITLE

 

I actually did not look at the link that you provided. This is a standard form that all title companies out here provide to clients and use. When I did Escrow back in CA, we used a very similar form as well. It just helps us for clarification on title status. If they do not understand the form, we ask that they seek legal counsel, or their CPA PRIOR to filling the form out. Please let me know if you have any other questions!

 

Mar 23, 2007 09:40 AM #3
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Brad Andersohn
Director of Education & Industry Outreach at eXp Realty & RE Tech Campus - Fairfield, CA
ActiveBrad - 707.646.1876
Thanks Sarah, I think if you check out the link in my original post, you'll see we are both speaking the same language. I'm glad you agree and understand that you should never tell your clients how to take title. By providing them the information and directing them to the proper sources, you are doing what's best for yourself and your clients. Check out the link, might have saved you some typing, however I enjoyed your comment post. It's nice to see someone reads these and takes them serious. Let me know if you need any additional assistance or if you have any further questions I can help you with. Enjoy your weekend, It's a good life!!
Mar 23, 2007 05:00 PM #4
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