(Title Vesting Options)
SINGLE AND UNMARRIED PERSONS:
Single and unmarried persons may take title individually or as a joint tenants or as tenants in common with one or more other persons.
MARRIED PERSONS:
Husband and wife may hold properties as joint tenants or as tenants in common, either way there is a presumption in the law that the property is community property.
A married person may hold title to his or her separate property individually as his or her “sole and separate property” or as joint tenant or tenant in common with others.
JOINT TENANCY:
Joint tenancy includes the right of survivorship; upon the death of one of the co-owners, his/her joint interest in the real property will pass automatically, by operation of law, to the surviving co-joint tenant. This transfer occurs irrespective of any Will, and probate of the deceased’s estate is avoided. Joint tenants must have equal interests, their interest must be acquired at the same time (in one deed) and the words “joint tenants” must be specifically stated in the deed. Joint tenants need not be married or related.
TENANCY IN COMMON:
Tenancy in common occurs when two or more owners hold title to property, each having a right of possession and each owning an undivided interest in the property. They are separate interests, and there is no right of survivorship. Each tenant may receive their interest by different deeds or instruments. Each tenant may sell or will or dispose of his or her interest in the property without the other tenant(s) selling theirs.
COMMUNITY PROPERTY:
Community property means the property was acquired by either or both spouses during marriage. Each spouse owns an undivided one-half interest, and each is entitled to dispose of his or her interest. Community property designation operates the same as tenancy in common, unless joint tenancy is specifically stated in the deed.
THE STATEMENTS ABOVE ARE FOR INFORMATION ONLY AND ARE NOT INTENDED AS LEGAL ADVICE. Please consult your attorney with questions.