Page 24 - V-Ofstedahl Buyers Guide

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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