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Residential Ownership Chart HOW to TAKE TITLE to REAL PROPERTY

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Residential Ownership Chart HOW to TAKE TITLE to REAL PROPERTY Common Forms of Residential Ownership Chart HOW TO TAKE TITLE TO REAL PROPERTY TENANCY IN COMMON JOINT TENANCY COMMUNITY PROPERTY COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP PARTIES INVOLVED Any number of persons Any number of persons Only spouses or domestic partners Only spouses or domestic partners (can be spouses) (can be spouses) DIVISION Ownership can be divided into any Ownership interests are equal Ownership interests are equal Ownership interests are equal number of interests, equal or unequal TITLE Each co-owner has a separate legal There is only one title to the whole Title in the “Community” Title in the “Community” title to his or her undivided interest property (similar to title being in a partnership) (similar to title being in a partnership) POSSESSION Equal right of possession Equal right of possession Equal right of possession Equal right of possession CONVEYANCE Each co-owner’s interest may be Conveyance by one co-owner severs Both co-owners must join in Both co-owners must join in conveyed separately by its owner the joint tenancy conveyance of real property – conveyance of real property – separate interests cannot be conveyed separate interests cannot be conveyed PURCHASER’S Purchaser of an undivided interest Purchaser of an undivided interest Purchaser can only acquire whole Purchaser can only acquire whole STATUS becomes a tenant in common with becomes a tenant in common with title of community – cannot acquire title of community – cannot acquire the other co-owners the other co-owners a part of it a part of it UPON DEATH Upon co-owner’s death, his or her Upon co-owner’s death, his or her Upon co-owner’s death, decedent’s half Last survivor owns property interest passes by will to devisees, or to interest passes automatically to the passes automatically to surviving spouse individually heirs by intestate succession survivor(s) unless willed to another party (Consult attorney with specific questions) SUCCESSOR’S STATUS Portion passing by will results in Last survivor owns property in severalty Portion passing by will results in Last survivor owns property individually tenancy in common between devisee tenancy in common between devisee and survivor and survivor CREDITOR’S RIGHTS Co-owner’s interest may be sold on Co-owner’s interest may be sold by Co-owner’s interest cannot be seized Co-owner’s interest cannot be seized and execution sale to satisfy his creditor – execution sale to satisfy a judgment and sold separately (whole property sold separately (whole property may creditor becomes a tenant in common lien. Joint tenancy is severed, and may be sold to satisfy debts of either be sold to satisfy debts of either spouse creditor becomes tenant in common spouse depending on the debt – consult depending on the debt – consult attorney with other co-owner attorney with specific questions) with specific questions) PRESUMPTION When vesting (form of ownership) is Must be expressly stated and properly Rebuttable presumption that any Rebuttable presumption that any not specified, tenancy in common is formed property acquired by spouses is property acquired by spouses is presumed by law community property (Consult community property (Consult attorney with specific questions). attorney with specific questions). Must be specified on deed for title Must be specified on deed for title insurance purposes insurance purposes ©2014 North American Title Company. All Rights Reserved. North American Title Company is not responsible for any errors or omissions, or for the results obtained from the use of this information. CA 14-4412 R 04-09-2014 www.nat.com .
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