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Sole ownership. If you are single, one way to hold title to your home is in your name alone. Tenants in common. Joint tenancy with right of survivorship. Community property. Living trust.
The different types of real estate title are joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property.
Updated October 30th, 2019. The manner in which your title is held, also known as title vesting, refers to your legal rights related to a property you are buying or one you own. With so many decisions to make during the home buying process, you might not think about how you should hold title.
Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.
California married couples generally have three options to take title to their community (vs separate) property real estate: community property, joint tenancy or Community Property with Right of Survivorship. The latter coming into play in California July 2001.
Tenants In Common. Joint Tenancy. Community Property With Right of Survivorship. Community property with right of survivorship may only be used by married couples in community property states (like California). It is usually most beneficial for a married couple in California to hold title in their revocable trust.
When title is held in joint tenancy with right of survivorship, all co-owners must take title at the same time. They own equal shares and the surviving co-owner winds up owning the entire property. In some states, when husband and wife use this method, it is called tenancy by the entire ties.
Joint tenancy. Tenancy in common. Tenants by entirety. Sole ownership. Community property.
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