Page 8 - WA Thurston County Home Buyers & Sellers Guide
P. 8

Common Ways of HOLDING TITLE






                            SOLE             JOINT             COMMUNITY        TENANCY IN        PARTNERSHIP/
                            OWNERSHIP        TENANCY           PROPERTY         COMMON            LLC





                                                               Married persons
          Parties           Individual home  Any number of     or registered    Any number of     Related or
                            buyer            persons                            persons           unrelated parties
                                                               domestic partners






                                                                                Ownership can
                                             Jointly own one and
          Division          Individual holds  the same interest,   Ownership    be divided into   Partnership/LLC
          of Interest       all interest in the  not undivided   interests are  any number of     holds title
                                                               equal
                                                                                interests, equal or
                            property
                                             interests
                                                                                unequal

                                                               Both owners
                                             All owners must   must agree on    Individual co-owners Partnership/LLC
                            Owner has sole right                                do not need the   sets parameters
          Conveyance        to use and dispose    agree on use and  use and disposition  consent of others to for use and
                            of property      disposition of    of property, the  use or dispose of  disposition of
                                             property          interests cannot  individual interests  property
                                                               be sold separately

                                                                                                  Interest of the
                                                               Half interest
                            Property passes  Property passes   retained by the  Individual’s      individual passes
                                                                                                  to heir(s) or
                                                                                interest passes
          Death             to heir(s) or    to survivor(s)    survivor and     to heir(s) or     devisee(s) which
                            devisee(s)       without going     half to heir(s) or  devisee(s)     would become
                            through probate  through probate   devisee(s)       through probate   partner(s)/
                                                               through probate
                                                                                                  members(s)

         Remember there are many dierent ways in which owners can hold title. Don’t hesitate to call your title officer to
         discuss the best option for your circumstance.





                                                                                    Strength  |  Expertise  |  Service  8
   3   4   5   6   7   8   9   10   11   12   13