Common Ways of Taking and Holding Title in Torrance Real Estate

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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?	Anynumber 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 undividedinterest.	There must be unity of title and time. (created in one document)	Title is in the “community.” Each interest is separatebut management is unified.	Title is in the “community.” Each interest is separatebut management is unified. Title must expressly statecommunity property with right to survivorship.
POSSESSION	Equal rights of possession.	Equal rights of possession.	Bothco-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’sjoint tenancy.	Real property requires written consent of other spouse, and separateinterest cannot be conveyed except upon death.	Real property requires written consent of other spouse, and separateinterest 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 consentor joinder of both spouses.	Purchaser can acquire title from the community with written consentor joinder of both spouses.
DEATH	Onc o-owner’s death, his or her interest passes by will to thatperson’s devisees or heirs. No survivorship right.	Onco-owner’s death, his or her interest ends and cannot be disposedof by will. Survivor(s) own(s) the property. Anaffidavit 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 tosurviving spouse.	Upon death of one spouse, his or her interest ends and cannot bedisposed 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 survivorresults.	Purchaser can only acquire whole title of community; cannot acquirea part of it.
CREDITOR’S RIGHTS	Co-owner’s interest may be sold on execution sale to satisfy his or hercreditor. 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 whichwere 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 whichwere 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 acquiredduring the course of the marriage is community property.	The code reads that deeds must state “community propertywith the right of survivorship.”