Common ways to Hold Title in California
It is extremely important as a buyer, how you decide to take title of your property. Most Realtors do not give advice about this subject and should not.
Clearly I am happy to explain the difference between the various ways one can take Title. My advice is you should take special consideration as to how you will take title, because ultimately it will have long term ramification as to the costs, the benefits and transferability of your property.
In the short term it might not have a significant effect, but when it comes to selling your property, you will be glad you took the extra time to learn about it. This step will also have inheritance and/or tax implications.
Therefore, Realtors and Escrow Officers can explain the various choices but the best people who can give advice what is perfect for your situation will be a CPA, an Estate Planner or an Attorney who is more familiar with your financial and family situation.
Now with that said let me familiarize you with the most common ways to hold Title in California:
- Sole Ownership: (a) as a single man or woman, (b) as a, married man or woman or (c) as a registered domestic partner, man or woman.
- Co-ownership: (a) Community property, which entitle each party to equal parts of the property. (b)Community property with rights of survivorship, which automatically transfers the property to the survivor in the face of a death.
- Joint Tenancy: This includes equal interests with rights of survivorship and the partners aren’t necessarily married.
- Tenancy in Common: in this form the parties’ interests are broken up and the costs and benefits are then divided as such.
Needless to say if you have questions and are looking for a knowledgeable Realtor please reach out to me directly. As I mentioned earlier I will be happy to explain the differences, but it is beyond my scope to actually recommend a choice.
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com. I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations
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