Palos Verdes Residents Property Vesting Choices
Palos Verdes buyers know to contact their attorneys or accountants when purchasing a home to inquire on how title should be held. Each homeowner is different and First American Title wants to remind buyers that title to real property in California may be held by individuals, either in Sole Ownership or in Co-ownership. Co-ownership of real property occurs when title is held by two or more persons. there are several variation as to how title may be held in each type of ownership. I will break down the examples of each:
Sole Ownership – may be described as ownership by an individuals or other entity capable of acquiring title. 1.Such as a single man or woman, an unmarried man or woman,or a widow or widower. 2. A married man or woman as his or her sole and separate property. 3. A domestic partner as his of her sole and separate property.
Co-Ownership – title to property owned by two or more persons may be invested in the following forms: 1. Community Property , 2. Community Property with Right of Survivorship, 3. Joint Tenancy, 4. Tenancy in Common
Other ways of vesting title include: 1. Trustees of a Trust.
Photo courtesy of the Muliple Listing Service.