Page 18 - English CA Buyer Seller Guide
P. 18
Vesting: Common Ways of Holding Title
COMMUNITY JOINT TENANCY IN TENANCY IN TITLE HOLDING COMMUNITY PROPERTY REGISTERED
PROPERTY TENANCY COMMON PARTNERSHIP TRUST RIGHT OF SURVIVORSHIP DOMESTIC PARTNERS
Only partners
Only husband Any number of Any number of (any number) Individuals, groups of Only husband Only partners that are
and wife persons (can be persons (can be persons, or corpora- and wife registered with the
husband and wife husband and wife Ownership interest is in tions, California Secretary of
PARTIES Ownership and or registered or registered relation to interest in a living trust State’s Domestic
DIVISION managerial interests are domestic partners) domestic partners) partnership Partners Registry.
equal (except control of
TITLE business is solely with Ownership interest Ownership can be Title is in the Ownership is a Ownership and Ownership and
managing spouse) must be equal divided into any “partnership” personal property managerial interests managerial interests are
Title is in the number of interests interest and can be are equal equal (except control of
“community.” Each equal or unequal Equal right of divided into any business is solely with
interest is separate but possession but only for number of interests Title is in the managing spouse)
management is unified Sale or encumbrance by Each co-owner has partnership purposes “community,”
Legal title is held by management is unified Title is in the
joint tenant severs joint a separate legal title the trustee; beneficiary “community.” Each
has equitable title interest is separate but
tenancy to his/her undivided management is unified
interest Both co-owners have
equal management
Both co-owners have Equal right Equal right of Right of possession Both co-owners have and control
of possession possession as specified in the equal management
POSSESSION equal management trust provisions. and control
and control
Personal property (except Conveyance by one Each co-owner’s Any authorized partner Designated parties Right of survivorship Personal property
interest may be may convey whole within the trust may be terminated (except “necessaries”)
“necessaries”) may be co-owner without the conveyed separately partnership property for agreement authorize pursuant to the same may be conveyed for
conveyed for valuable others breaks the by its owner partnership purposes the trustee to convey procedures by which valuable consideration
consideration without joint tenancy property. Also, a a joint tenancy may without consent of other
consent of other spouse; Purchaser can only beneficiary’s interest be severed partner; real property
CONVEYANCE real property requires acquire whole title in the trust may be requires written consent
written consent of other transferred of other partner, and
separate interest cannot
spouse, and separate in- be conveyed except
upon death
terest cannot be
Purchaser can only
conveyed except acquire whole title of
community; cannot
upon death acquire a part of it
Purchaser can only Purchaser will become Purchaser will A purchaser may obtain Purchaser can only
PURCHASER’S acquire whole title of a tenant in common become a tenant in a beneficiaries interest acquire whole title of
STATUS community; cannot by assignment or may community; cannot
acquire a part of it with the other co-owners common with the obtain legal and equitable acquire a part of it
title from the trust
in the property other co-owners in
the property
On co-owner's death, On co-owner’s death, On co-owner’s death, On partner’s death, Successor beneficiaries Upon the death of a On co-owner's death,
1/2 belongs to survivor 1/2 belongs to survivor
in severalty. 1/2 goes his/her interest ends his/her interest passes his/her partnership may be named in the spouse, his/her interest in severalty. 1/2 goes
by will to descendant’s by will to descendant’s
devisee or by succession and cannot be disposed by will to devisees or interest passes to the trust agreement, passes to the surviving devisee or by succession
to survivor to survivor
DEATH of by will. Survivor heirs. No survivorship surviving partner pending eliminating the need spouse, without
owns the property administration, subject If passing by will,
by survivorship rights liquidation of the for probate to the same procedures tenancy in common
as property held in between devisee and
partnership. Share of survivor results
deceased partner then
goes to his/her estate joint tenancy
If passing by will, Last survivor owns Devisees or heirs be- Heirs or devisee have Defined by the trust agreement, Surviving spouse
SUCCESSOR’S tenancy in common property come tenants in rights in partnership
common interest but not specific generally the successor owns property
STATUS between devisee and property becomes the beneficiary
survivor results
and the trust continues
Property of community is Co-owner’s interest Co-owner’s interest Partner’s interest may be Creditor may seek an Property of community Property of community
liable for debts of either may be sold on is liable for debts of
spouse, which are made execution sale to satisfy may be sold on sold separately by “Charging order for execution sale is liable for debts of either partner, which
before or after marriage. his/her creditor. Joint are made before or
Whole property may be tenancy is broken, execution sale to Order” by his/her personal of the beneficial interest either which are made after registration as
sold on execution sale creditor becomes a satisfy his/her creditor. creditor, or his/her share of or may seek an order before or after marriage; domestic partners.
CREDITOR’S to satisfy creditor tenant in common. profits may be obtained by whole property may be Whole property may
RIGHTS Creditor becomes a a personal creditor. Whole that the trust estate be sold on execution sale be sold on execution
tenant in common property may be sold on liquidated and the to satisfy creditor sale to satisfy creditor
execution sale to satisfy proceeds distributed Must be expressly
partnership creditor stated
PRESUMP- Strong presumption Must be expressly Favored in doubtful Arise only by virtue A trust is expressly Must be expressly
TION that property acquired stated cases except of partnership status created by an executed stated
by husband and wife is husband and wife in property placed in trust agreement
community partnership
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COMMUNITY JOINT TENANCY IN TENANCY IN TITLE HOLDING COMMUNITY PROPERTY REGISTERED
PROPERTY TENANCY COMMON PARTNERSHIP TRUST RIGHT OF SURVIVORSHIP DOMESTIC PARTNERS
Only partners
Only husband Any number of Any number of (any number) Individuals, groups of Only husband Only partners that are
and wife persons (can be persons (can be persons, or corpora- and wife registered with the
husband and wife husband and wife Ownership interest is in tions, California Secretary of
PARTIES Ownership and or registered or registered relation to interest in a living trust State’s Domestic
DIVISION managerial interests are domestic partners) domestic partners) partnership Partners Registry.
equal (except control of
TITLE business is solely with Ownership interest Ownership can be Title is in the Ownership is a Ownership and Ownership and
managing spouse) must be equal divided into any “partnership” personal property managerial interests managerial interests are
Title is in the number of interests interest and can be are equal equal (except control of
“community.” Each equal or unequal Equal right of divided into any business is solely with
interest is separate but possession but only for number of interests Title is in the managing spouse)
management is unified Sale or encumbrance by Each co-owner has partnership purposes “community,”
Legal title is held by management is unified Title is in the
joint tenant severs joint a separate legal title the trustee; beneficiary “community.” Each
has equitable title interest is separate but
tenancy to his/her undivided management is unified
interest Both co-owners have
equal management
Both co-owners have Equal right Equal right of Right of possession Both co-owners have and control
of possession possession as specified in the equal management
POSSESSION equal management trust provisions. and control
and control
Personal property (except Conveyance by one Each co-owner’s Any authorized partner Designated parties Right of survivorship Personal property
interest may be may convey whole within the trust may be terminated (except “necessaries”)
“necessaries”) may be co-owner without the conveyed separately partnership property for agreement authorize pursuant to the same may be conveyed for
conveyed for valuable others breaks the by its owner partnership purposes the trustee to convey procedures by which valuable consideration
consideration without joint tenancy property. Also, a a joint tenancy may without consent of other
consent of other spouse; Purchaser can only beneficiary’s interest be severed partner; real property
CONVEYANCE real property requires acquire whole title in the trust may be requires written consent
written consent of other transferred of other partner, and
separate interest cannot
spouse, and separate in- be conveyed except
upon death
terest cannot be
Purchaser can only
conveyed except acquire whole title of
community; cannot
upon death acquire a part of it
Purchaser can only Purchaser will become Purchaser will A purchaser may obtain Purchaser can only
PURCHASER’S acquire whole title of a tenant in common become a tenant in a beneficiaries interest acquire whole title of
STATUS community; cannot by assignment or may community; cannot
acquire a part of it with the other co-owners common with the obtain legal and equitable acquire a part of it
title from the trust
in the property other co-owners in
the property
On co-owner's death, On co-owner’s death, On co-owner’s death, On partner’s death, Successor beneficiaries Upon the death of a On co-owner's death,
1/2 belongs to survivor 1/2 belongs to survivor
in severalty. 1/2 goes his/her interest ends his/her interest passes his/her partnership may be named in the spouse, his/her interest in severalty. 1/2 goes
by will to descendant’s by will to descendant’s
devisee or by succession and cannot be disposed by will to devisees or interest passes to the trust agreement, passes to the surviving devisee or by succession
to survivor to survivor
DEATH of by will. Survivor heirs. No survivorship surviving partner pending eliminating the need spouse, without
owns the property administration, subject If passing by will,
by survivorship rights liquidation of the for probate to the same procedures tenancy in common
as property held in between devisee and
partnership. Share of survivor results
deceased partner then
goes to his/her estate joint tenancy
If passing by will, Last survivor owns Devisees or heirs be- Heirs or devisee have Defined by the trust agreement, Surviving spouse
SUCCESSOR’S tenancy in common property come tenants in rights in partnership
common interest but not specific generally the successor owns property
STATUS between devisee and property becomes the beneficiary
survivor results
and the trust continues
Property of community is Co-owner’s interest Co-owner’s interest Partner’s interest may be Creditor may seek an Property of community Property of community
liable for debts of either may be sold on is liable for debts of
spouse, which are made execution sale to satisfy may be sold on sold separately by “Charging order for execution sale is liable for debts of either partner, which
before or after marriage. his/her creditor. Joint are made before or
Whole property may be tenancy is broken, execution sale to Order” by his/her personal of the beneficial interest either which are made after registration as
sold on execution sale creditor becomes a satisfy his/her creditor. creditor, or his/her share of or may seek an order before or after marriage; domestic partners.
CREDITOR’S to satisfy creditor tenant in common. profits may be obtained by whole property may be Whole property may
RIGHTS Creditor becomes a a personal creditor. Whole that the trust estate be sold on execution sale be sold on execution
tenant in common property may be sold on liquidated and the to satisfy creditor sale to satisfy creditor
execution sale to satisfy proceeds distributed Must be expressly
partnership creditor stated
PRESUMP- Strong presumption Must be expressly Favored in doubtful Arise only by virtue A trust is expressly Must be expressly
TION that property acquired stated cases except of partnership status created by an executed stated
by husband and wife is husband and wife in property placed in trust agreement
community partnership
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