Common Ways of Holding Title To Torrance Property

Common Ways of Taking/Holding Title in Torrance Real EstatePending-Sale-SP

There are many ways to take title on property in California. While you should  consult with an attorney, our helpful chart gives some of the  similarities and differences of the various ways of holding title  including, tenancy in common, joint tenancy, community property,  and community property with right of survivorship. There are other
ways of holding title as well, but our chart should help explain  the basics. If you are considering buying real estate or a home in Southern California’s South Bay, we can help. Contact us today

Tenancy
in Common
Joint
Tenancy
Community
Property
Community
Property with Right of Survivorship
WHO? Any
number of persons (can be husband and wife).
Any
number of persons (can be husband and wife).
Only
husband and wife.
Only
husband and wife.
DIVISION Ownership
can be divided into any number of interests, equal or unequal.
Owner
interests must be equal.
Ownership
and managerial interests are equal.
Ownership
and managerial interests are equal.
TITLE Each
co-owner has a separate legal title to his or her undivided
interest.
There
must be unity of title and time. (created in one document)
Title
is in the “community.”  Each interest is separate
but management is unified.
Title
is in the “community.”  Each interest is separate
but management is unified.  Title must expressly state
community property with right to survivorship.
POSSESSION Equal
rights of possession.
Equal
rights of possession.
Both
co-owners have equal management and control.
Both
co-owners have equal management and control.
CONVEYANCE Each
co-owner’s interest may be conveyed separately by its individual
owner.
Conveyance
by one co-owner without the others will terminate that individual’s
joint tenancy.
Real
property requires written consent of other spouse, and separate
interest cannot be conveyed except upon death.
Real
property requires written consent of other spouse, and separate
interest cannot be conveyed except upon death.
PURCHASER’S
STATUS
Purchaser
will become a tenant in common with the other property co-owners.
Purchase
will become a tenant in common with the other co-owners.
Purchaser
can acquire title from the community with written consent
or joinder of both spouses.
Purchaser
can acquire title from the community with written consent
or joinder of both spouses.
DEATH On
co-owner’s death, his or her interest passes by will to that
person’s devisees or heirs.  No survivorship right.
On
co-owner’s death, his or her interest ends and cannot be disposed
of by will.  Survivor(s) own(s) the property.  An
affidavit of death of joint tenant establishes death.
Upon
death of one spouse, 50% belongs to surviving spouse, 50%
goes by will to descendant’s devisees or by succession to
surviving spouse.
Upon
death of one spouse, his or her interest ends and cannot be
disposed by will.   Survivor owns the property 100%.
An affidavit of death (community property with right of survivorship)
establishes death of a spouse.
SUCCESSOR’S
STATUS
Devisees
or heirs become tenants in common.
Last
survivor owns property 100%
If
passing by will, tenancy in common between devisees and survivor
results.
Purchaser
can only acquire whole title of community; cannot acquire
a part of it.
CREDITOR’S
RIGHTS
Co-owner’s
interest may be sold on execution sale to satisfy his or her
creditor.  The creditor becomes a tenant in common.
Co-owner’s
interest may be sold on execution sale to satisfy creditor.
Joint tenancy is broken; creditor becomes tenant in common
Property
of community is liable for contracts of either spouse which
were made after marriage and prior to or after January 1,
1975.  Co-owner’s interest cannot be sold separately;
whole property may be sold on execution to satisfy creditor.
Property
of community is liable for contracts of either spouse which
were made after marriage and prior to or after January 1,
1975.  Co-owner’s interest cannot be sold separately;
whole property may be sold on execution to satisfy creditor.
PRESUMPTION Favored
in doubtful cases except husband and wife case.
Must
be expressly stated.  Not favored.
The
legal presumption is that property which has been acquired
during the course of the marriage is community property.
The
code reads that deeds must state “community property
with the right of survivorship.”