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PRIMARY METHODS OF HOLDING TITLE
IMPORTANT
NOTE:
Real Estate professionals should not give legal advise by advising
a buyer on how to hold title. Under certain circumstances,
however. a realtor may be permitted to explain the different forms
of taking title as explained below. Prospective buyers who are uncertain
as how to take title should consult their attorney or call Darren
Gordon Smith, a professional law corporation, at (714) 505-2700.
In
response to numerous inquiries on this subject and as a benefit
to you, here are the most common methods of holding title to property
in California.
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PRIMARY
METHODS OF HOLDING TITLE
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SEVERALTY
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examples
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is where title is held by one individual or by a corporation. A title
holder in severalty may dispose of his or her interest by will or
may sell that interest. |
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"JANE
DOE, AN UNMARRIED WOMAN" |
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TENANCY
IN COMMON
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is where two or more people concurrently own property together and
there is no right of survivorship. A tenant in common may dispose
of his or her interest by will or may sell that interest. |
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"JOHN
ROE AND MARY ROE, HUSBAND AND WIFE, AS TENANTS IN COMMON" |
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JOINT
TENANCY
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is where two or more people own a property together and have the right
of survivorship. When one joint tenant dies, his or her interest is
evenly split with the surviving owners. A joint tenant may not dispose
of his or her interest by will but may sell that interest. A corporation
is prohibited from taking title title as a joint tenant. |
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"JOHN
ROE AND MARY ROE, HUSBAND AND WIFE, AS JOINT TENANTS" |
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COMMUNITY
PROPERTY
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This
is the primary method for a husband and wife to hold title to property
in California. Property which is acquired by either spouse during
marriage is presumed to be community property, absent an agreement
between the spouses to the contrary. A spouse holding an interest
in community property may dispose of his or her interest by will
but may not sell that interest.
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"JOHN
ROE AND MARY ROE, HUSBAND AND WIFE" |
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