Page 24 - Veronica Flores Buyer Guide
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HOLDING  TITLE  TO   REAL  PROPERTY
              HOLDING   TITLE   TO                                       REAL   PROPERTY




                            ( (C Co om mm mo on nl ly y     U Us se ed d   E En nt ti it ti ie es s) )




                                                                                                     COMMUNITY
                                  TENANCY IN         JOINT TENANCY WITH       COMMUNITY            PROPERTY WITH
                                    COMMON                 RIGHT OF            PROPERTY               RIGHT OF
                                                        SURVIVORSHIP                               SURVIVORSHIP


              PARTIES            Any number  of persons   Any number  of persons   Only husband  & wife   Only husband  & wife
                                 (can be husband  & wife)   (can be husband  & wife)                   (2 persons  per
                                                                                                     marital  community)
                                 Ownership  can be divided   Ownership  interests  must   Ownership  interests   Ownership  interests
              DIVISION             into any number  of      be equal              are equal             are equal
                                 interests, equal or unequal
                                   Each co-owner  has a   There is only one title to   Title is in the “community.”   Title is in the “community.”
                TITLE            separate  legal title to his   the whole property   Each interest  is separate   Each interest  is separate
                                   individual  interest                     but management  is unified   but management  is unified
            POSSESSION           Equal right of possession   Equal right of possession   Equal right of possession   Equal right of possession

                                 Each co-owner’s  interest   Conveyance  by  one  co-owner   Both co-owners  must join on   Both co-owners  must join on
           CONVEYANCE               may be conveyed   without  the  other(s)  breaks   conveyance  of real property.   conveyance  of real property.
                                  separately  by its owner   the joint tenancy,  provided   Separate interests cannot   Separate interests cannot
                                                      it is recorded  prior to death   be conveyed     be conveyed
                                Purchaser  will become a ten-   Purchaser  will become a ten-   Purchaser  can only acquire   Purchaser  can only acquire
           PURCHASER’S          ant in common with the other   ant in common with the other   whole title of community,  but   whole title of community,  but
               STATUS            co-owners  in the property   co-owners  in the property   cannot acquire a part of it   cannot acquire a part of it

                                 On co-owner’s  death, his
                                                       On co-owner’s  death, his
                                interest  passes by will to his   interest  ends  and cannot  be   On co-owner’s  death, 1/2   On co-owner’s  death, his
                                                                                                   interest  ends  and cannot
                                                                               belongs  to survivor,
               DEATH                devisees  or heirs.   disposed  of  by will.   1/2 goes by will to   be disposed  of  by will.
                                 No right of survivorship   Survivor  owns the property   descendant’s  devisees  or   Estate passes to survivor
                                                       by right of survivorship   by succession  to survivor   outside  of probate

            CREDITOR’            Co-owner’s  interest may be   Co-owner’s  interest  may be   Co-owner’s  interest cannot be   Co-owner’s  interest cannot be
                                                       sold at execution  sale to
                                                                             seized and sold separately.
                                  sold at execution  sale to
                                                                                                   seized and sold separately.
               S RIGHTS          satisfy his creditor. Creditor   satisfy creditor.  Joint tenancy   The whole property  may be   The whole property  may be
                                becomes  a tenant in common   is broken,  creditor  becomes   sold at execution  sale to   sold at execution  sale to
                                                         tenant in common       satisfy  creditor     satisfy  creditor

                                                                             Strong presumption  that
           PRESUMPTION           Court will presume  tenancy   Must be expressly stated in   property  acquired  by hus-   Must be expressly  stated in
                                                                                                   writing and accepted. Court
                                 in common if not expressly
                                                       writing and accepted. Court
                                  stated husband and wife   will not presume joint tenancy   band and wife is community   will not presume joint tenancy.
                                                                                                   Both halves of community
                                                                                                    property are entitled to
           * This document is intended for informational purposes only. You are urged to contact your Attorney and Certified Public Accountant   “stepped up” tax basis as of
            regarding the best way for you to hold title in as much as your personal circumstances will influence this decision.
                                                                                                  date of death of either spouse
                                            Pioneer Title Agency

                                                 COMMITMENT TO SERVICE





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