|
|
 |
|
|
| |
| HOW
YOU TAKE TITLE ADVANTAGES AND LIMITATIONS |
|
|
Sole Ownership
|
| A Single
Man/Woman |
| A single or unmarried man or
woman |
| Example:
John Doe, an unmarried
man |
| A Divorced
Man/Woman |
| A man or woman, having been legally
divorced. |
| Example:
John Doe, an unmarried
man |
| A Married
Man/Woman, as His/Her Sole & Separate Property |
| When a married man or women whishes
to acquire title as their sole and separate property,
the spouse must consent and relinquish all right,
title and interest in the property by deed or other
written agreement. |
| Example:
John Doe, a married
man, as his sole and separate property |
|
|
Co-Ownership
|
| Community
Property |
| Property acquired by husband
and wife, or either during marriage, otherwise than
by gift, bequest, devise, descent or as the separate
property of either , is presumed community property. |
Example:
John Doe and Mary Doe,
husband and wife, as community property
Example: John
Doe and Mary Doe, husband and Mary Doe husband wife
Example: John
Doe, a married man
|
| Community
Property with Right of Survivorship |
| Community property acquired by
husband and wife 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 state. |
| Joint Tenancy |
| Joint and equal interest in land
owned by two or more individuals created under a
single instrument with right of survivorship. |
| Example:
John Doe and Mary Doe,
husband and wife, as joint tenants |
| Tenancy
in Common |
| Under tenancy in common, the
co-owners own undivided interests, but unlike joint
tenancy, there is no right of survivorship; each
tenant owns an interest which on his or her death
vests in his or her heirs or devisee. |
| Example:
John Doe, a single
man as to an undivided 1/4th interest as tenants
in common |
| Trust |
| Title to real property in California
may be held in trust. The trustee of the trust holds
title pursuant to the terms of the trust for the
benefit of the trust/beneficiary. |
| TOP |
|
| VESTING
CHART |
|
|
| |
Tenancy
in Common |
Joint
Tenancy |
Community
Property |
Community
Property
(With right of Survivorship) |
| PARTIES |
Two
or more persons (may be husband and wife) |
Two
or more persons (may be husband and wife) |
Husband
and wife only |
Husband
and wife only |
| DIVISION |
Ownership
can be divided into any number of interests,
equal or unequal. |
Ownership
interests must be equal. |
Ownership
interests must be equal. |
Ownership
interests must be equal. |
| CREATION |
One
or more conveyances
(Law presumes interests are equal if not otherwise
specified) |
Single
conveyance
(creating identical interests)
Vesting must specify joint tenancy or
law presumes tenancy in common. |
Single
conveyance or presumption from marriage |
Single
conveyance and parties must indicate consent,
which can be indicated on deed. |
| POSSESION
& CONTROL |
Equal |
Equal |
Equal |
Equal |
| TRANSFERABILITY |
Each
co-owner's may transfer or mortgage their
respective interest separately. |
Each
co-owner may transfer their interest separately
but tenancy in common results. |
Both
spouses must consent to transfer or mortgage. |
Both
spouses must consent to transfer or mortgage. |
| LIENS
AGAINST ONE OWNER |
Co-owner's
interest not subject to liens of other debtor/owner
but forced sale can occur. |
Co-owner
interest not subject to liens of other debtor/owner
but forced sale can occur if prior to the
debtor's death. |
Entire
property subject to forced sale to satisfy
debt of either spouse. |
Entire
property subject to forced sale to satisfy
debt of either spouse. |
| DEATH
OF CO-OWNER |
Decedent's
interest passes to his/her heirs by will or
interstate. |
Decedent's
interest automatically passes to surviving
joint tenant. (Right of Survivorship) |
Deceased's
interest passes to spouse, except 1ž2 of said
interest may pass to devise by decedent's
will. |
Decedent's
interest automatically passes to surviving
spouse due to Right of Survivorship. |
POSSIBLE
ADVANTAGES/
DISADVANTAGES |
Co-owner
interests are separately transferable. |
Right
to Survivorship (avoids probate) |
Qualified
survivorship rights Mutual consent required
for transfer. Surviving spouse may have tax
advantage. |
Right of Survivorship (avoids probate). Mutual
consent required for transfer. Surviving spouse
may have tax advantages. |
|
| TOP |
