| What is the best way to hold title? | | | | acquired during a marriage. This method |
| There are many different angles to | | | | can only be held by persons that are |
| purchasing property and many decisions | | | | married with assets that are purchased |
| to make. One of the main decisions to be | | | | during the marriage. This would not |
| made is which method of holding title is | | | | apply to property acquired prior to |
| the most applicable and appropriate for | | | | marriage, proceeds from the sale of |
| a particular parcel. Real Property can | | | | property prior to marriage, inheritance |
| be owned by a single owner or by many | | | | gifts received after the marriage or |
| owners and it is very important to | | | | properties that both parties have agreed |
| understand the process in order to make | | | | to be separate from community property. |
| a wise decision. Let's take a look at | | | | All Deeds must be signed by both parties |
| the process. | | | | to be community property. |
| Someone who owns a property by | | | | Community property with right to |
| themselves is referred to an owner in | | | | survivorship would include that option |
| severalty. When there is more than one | | | | like that of joint tenancy. |
| owner of a property, title can be held | | | | Tenancy in Common |
| as joint tenancy, community property, | | | | Tenancy in common is when two or more |
| (with or without right to survivorship) | | | | persons hold title together but do not |
| or tenancy in common. With so many | | | | have to have equal shares. For example, |
| choices available, what is the best way | | | | one tenant could hold eighty percent |
| to hold title? Here is a look at how | | | | while the second would hold twenty |
| each method is defined. | | | | percent. This method of holding title is |
| Joint Tenancy | | | | more common for investment properties |
| Joint tenancy is when two or more people | | | | with multiple share holders than it is |
| hold title together with equal shares in | | | | for an owner occupied residence that has |
| the property. There is an automatic | | | | a single family home. This method could |
| right to survivorship, meaning that if | | | | also work well for roommates who wish to |
| one of the joint tenants passes away, | | | | purchase a property together but one or |
| the interest in the property continues | | | | two of them have more money to come in |
| to the other joint tenants. This method | | | | with than the other. Parties who are |
| is common among long term relationships | | | | interested in ways to hold title are |
| without marriage. There are some married | | | | advised to consult with an attorney or |
| couples who prefer this method of | | | | CPA to plan the best strategy. |
| holding title because of the automatic | | | | This is the basic understanding of the |
| right to survivorship. | | | | various ways to hold title. For more |
| Community Property | | | | information on this subject, Please |
| Community property is a method of | | | | visit our website or contact Team |
| holding title to manage assets that are | | | | Enterprise. |