March 25, 2016
Various Ways To Take Title On Property in California
Title to real property in California may be held by individuals, either as Sole Ownership or in Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following is a brief summary of some of the more common types of Ownership.
- A single Man/Woman: A man or a woman who has never been legally married.
Example; John Doe, a single man.
- An Unmarried Man/Woman: A man or a woman, who having been married is legally divorced.
Example; Jane Doe, an unmarried woman.
- A Married Man/Woman, as His/Her Sole and Separate Property: When a man or a woman wishes to acquire title in his or her name alone, the spouse must consent, by deed, to transfer thereby relinquishing all right, title and interest in the property.
Example; John Doe, a married man as his sole and separate property.
- Joint Tenancy: A Joint Tenancy is interest that is owned by two or more persons in equal shares, with the chief characteristic being the right of survivorship. When a joint tenant dies, title to the property immediately vests to the surviving joint tenant.
Example; John Doe and Jane Doe, husband and wife as joint tenants.
- Trust: Title to real property in California may be held in a title holding trust. The trust holds legal and equitable title to the real estate. The trustee holds title for the trustor/beneficiary who retains all of the management rights and responsibilities.
Example; John Doe and Jane Doe, husband and wife as trustees of the John Doe and Jane Doe Revocable Living Trust.
All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant.