Common
Ways Of Holding Title
1)
Sole
Ownership
A
Single Man/Woman. A man or woman who is not legally married. Example: John
Doe, a single man.
2)
An
Unmarried Man/Woman
A man
or woman, who having been married is legally divorced. Example : John Doe, an
unmarried man.
3)
A
Married Man/Woman, As His/ Her Sole And Separate Property
When a married man or
woman wishes to acquire title in his or her name alone, the spouse must
consent, by quitclaim deed or otherwise, to transfer thereby relinquishing all
right, title and interest in the property. Example: John Doe, a married man, as
his sole and separate property.
CO-OWNERSHIP
4) Community Property
The California Civil Code defines community property acquired by husband
and wife, or by either. Real property conveyed to a married man or woman is
presumed to be community property, unless otherwise stated. Under community
property, both spouses have the right to dispose of one half of the community
property. If a spouse does not exercise his/her right to dispose of one-half to
someone other than his/her spouse, then the one-half will go to the surviving
spouse without administration. If a spouse exercises his/her right to dispose
of one-half, that half is subject to administration in the estate. Example:
John Doe & Mary Doe, husband and wife, as community property. Example: John
Doe & Mary Doe, husband and wife. Example: John Doe, a married man.
5) Joint Tenancy
Joint tenancy estate is defined in the Civil Code as follows :"A joint
interest is one owned by two or more persons in equal shares, by a title
created by a single will or transfer, when expressly declared in the will or
transfer to be a joint tenancy." A chief characteristic of joint tenancy
property is the right of survivorship. When a joint tenant dies, title to the
property immediately vests in the surviving joint tenant(s). As a consequence,
joint tenancy property is not subject to disposition by will. Example: John Doe
and Mary Doe, husband and wife, as joint tenants.
6) Tenancy In Common
Under tenancy in common, the co-owners own undivided interests; but unlike
joint tenancy, these interests need not be equal in quantity or duration, and
may arise at different times. There is no right of survivorship; each tenant
owns an interest which, on his or her death, vests in his or her heirs or
devisees. Example: John Doe, a single man, as to an undivided 3/4ths interest,
and George Smith, a single man, as to an undivided l/4th interest' as tenants
in common.
7) Trust
Title to real property in California may be held in a title holding trust. The trust
holds legal and equitable title to the real estate. The trustee holds title for
the trustor/beneficiary who retains all of the management rights and
responsibilities.
8) Community Property With Right Of Survivorship
Community Property of a husband and wife, when expressly declared in the
transfer document to be community property with the right of survivorship, and
which may be accepted in writing on the face of the document by a statement
signed or initialed by the grantees, shall, upon the death of one of the
spouses, pass to the survivor, without administration, subject to the same
procedures as property held in joint tenancy.
