Commons Ways to Hold Title

 

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 the 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 brief summaries reference 8 of the more common examples of Sole Ownership and Co-Ownership.

 

(1)   A Single Man/Woman – A man or woman who is not legally married. Example, John Doe, a single man.

(2)   An Unmarried Man/Woman – A man or woman, who having been married is legally divorced or, a man or woman, having been in a registered domestic partnership that has been legally dissolved. Example: John Doe, an unmarried man.

(3)   A Married Man, Woman, or Registered Domestic Partner, As his/her Sole and Separate Property – When a married man, woman or a registered domestic partner wishes to acquire title in his or her name alone, the spouse/partner must consent, by quitclaim deed or otherwise, to transfer thereby relinquishing all right, title and interest in the property. Example: John Doe, a domestic partner, as his sold and separate property.

(4)   Community Property – The California Civil Code defines community property as property acquired by husband and wife, or by either. Real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Under community property, both spouses have the right to dispose of one-half of the community property. If a spouse does not exercise his/her right to dispose of one-half to someone other than his/her spouse, then the one-half will go to the surviving spouse without administration. If a spouse exercises his/her right to dispose of one-half, that half is subject to administration in the estate. Example: John Doe & Mary Doe, husband and wife as community property. Registered domestic partners shall have the same rights and protections

(5)   Joint Tenancy – A joint tenancy estate is defined in the Civil Code as follows: A joint interest is owned by two or more persons in equal shares, by title created by a single will or transfer, when expressly declared in the will or transfer to be joint tenancy. A chief characteristic of joint tenancy property is the right of survivorship. When a joint tenant dies, title to the property immediately vests in the surviving joint tenant(s). As a consequence, joint tenancy property is not subject to disposition by will. Example: John Does and Joe Smith, registered domestic partners, as joint tenants.

(6)   Tenancy in Common – Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal in quantity or duration, and may arise at different times. There is no right of survivorship: each tenant owns an interest which, on his or her death, vests in his or her heirs or devisees. Example: John Doe, a single man, as to an undivided 3/4 interest, and George Smith, a single man, as to an undivided 1/4 interest, as tenants in common.

(7)   Trust – Tile 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. This is the most common way to hold title for homeowners in Leisure Village.

(8)   Community Property With Right of Survivorship – Community Property of a husband and wife, when expressly declared in the transfer document to be community property with the right of survivorship, and which may be accepted in writing on the face of the document by a statement signed or initialed by the grantees, shall, upon the deal of one of the spouses, pass to the survivor, without administration, subject to the same procedures as property held in joint tenancy. Registered domestic partners shall have the same rights and protections.

What is Title Insurance?

 

Property Profile versus Preliminary Title Report

Property Profile vs Preliminary Title Report

 

Property Profile versus Preliminary Title Report

What are Covenants, Conditions & Restrictions (CCRs)?

CC&Rs

YOUR Leisure Village Realtor Team

 Meryll Russell

Meryll Russell

Realtor - Broker

 

805-405-0411

meryllrussell@hotmail.com

CAL DRE 01435748

Click HERE to Meet Meryll

Meryll has been a Realtor since 2004 and got her Broker’s license in 2019. She has sold hundreds of homes all over Southern California. Meryll received her Bachelor of Science in Business Administration with an emphasis in Marketing from USC. She loves handling the internet marketing & social media aspects of our business. Her first job out of college was working for IBM selling personal computers. She has over 24+ years of sales and negotiation experience.

Sharron Parker

Sharron Parker

Realtor SRES

 

Seniors Real Estate Specialist

805-443-1998

sharronbparker@aol.com

CAL DRE 00900167

Click HERE to Meet Sharron

Sharron has sold over 1000 homes in her real estate career. She is passionate about helping people with the purchase or sale of their home, and is an EXPERT IN NEGOTIATION. Pride and professionalism are words that are often used to describe Sharron. She is one of those diligent, hard workers who always answers her phone, and returns calls and emails promptly. She is truly grateful for all the referrals she receives from her clients and friends.

Jon Niemann

Jon Niemann

Realtor

 

805-603-7060

cantamar@me.com
CAL DRE 02104018

Jon has spent most of his career life in the successful marketing of wines in Southern California restaurants and fine wine retailers, leading seminars, wine dinners and events where he shared his passion for the California wine business. A Southern Californian with generations stretching back to the early 1800s, He absolutely LOVES helping our clients find the perfect home. His charisma is contagious. He is passionate about helping people find the right home.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.