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