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14 common ways to hold title
 

14 common ways to hold title

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Common ways to hold Title from your Cal Counties Title Nation Contact Brian Forkel.

Common ways to hold Title from your Cal Counties Title Nation Contact Brian Forkel.

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    14 common ways to hold title 14 common ways to hold title Document Transcript

    • Common Ways to hold TITLE COMMUNITY PROPERTY TENANTS IN COMMON JOINT TENANTS COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP Common Ways To Hold Title 14 Only husband and wife and Any number of persons. Any number of persons. PARTIES Only husband and wife only when interest is created ( can be husband and wife) ( can be husband and wife) on or after 07/01/01 Ownership can be divided Ownership interest can not be DIVISION into any number of interest, Ownership interest are equal Ownership interest are equal divided equal or unequal Each co-owner has a Title in the “Community” Title in the “Community” There is only one title to the TITLE separate legal title to his (Similar to title being in (Similar to title being in whole property undivided interest partnership) partnership) POSSESSION Equal right of possession Equal right of possession Equal right of possession Equal right of possession Both co-owners must join in Both co-owners must join in Each co-owner’s interest may Conveyance by one co-owner conveyance of real property. conveyance of real property. CONVEYANCE be conveyed separately by its without the other’s breaks the Separate interest cannot be Separate interest cannot be owners joint tenancy conveyed conveyed Purchaser becomes a tenant Purchaser becomes a tenant Purchaser can only acquire Purchaser can only acquire PURCHASER’S in common with the other co- in common with the other co- whole title of community. whole title of community. STATUS owner owner Cannot acquire a part of it Cannot acquire a part of it On co-owner’s death, his On co-owner’s death, ½ goes On co-owners death, On co-owner death, his interest passes by will to his to survivor in severalty. Up to decedents interest ends and interest ends and cannot be DEATH devisees or heirs. No ½ goes by will or succession cannot be willed. Survivor willed. Survivorship owns the survivorship right to others (consult attorney owns the property by property by survivorship with specific questions) survivorship If passing by will, tenancy in SUCCESSOR’S Devisees or heirs become Last survivor owns property Last survivor owns property common between devisee and STATUS tenants in common in severalty in severalty survivor results Co-owner’s interest can not Co-owner’s interest can not Co-owner’s interest may be be sized and sold separately. be seized and sold separately. Co-owners interest may be sold on execution sale to The whole property may be The whole property may be CREDITOR’S sold on execution sale to satisfy creditor. Joint tenancy sold to satisfy debts of either sold to satisfy debts of either RIGHT satisfy his creditor. Creditor is broken, creditor becomes a husband or wife depending on husband or wife depending on becomes a tenant in common tenant in common the debt . (Consult attorney the debt. (consult attorney with specific questions) with specific questions) Favored in doubtful cases Strong presumption that Strong presumption that Must be expressly slated andPRESUMPTION except husband and wife property acquired by husband property acquired by husband properly formed. Not favored ( See community property) and wife is community and wife is communityBrian ForkelAccount Executive Cell: (909) 262‐9094 Forkels4title@live.com • www.forkels4title.comPasadena Office: Customer Service/ Open Orders: (888) 282‐5885 Newport Beach Office: Customer Service 949‐514‐6252Material discussed is meant for general illustration and/or infomercial purposes only and it is not to be considered as tax, legal, or investment advice. Although the information has been gathered from sources believed to bereliable, please note that individual situations can vary, therefore, please consult a professional for specific advice.