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Archive for the ‘Real Estate Eduation’ Category

You read that right! First-time buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home. (more…)

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***  ONLINE vs REALTOR® Competitive Market Analysis Click HERE.  ***

Every homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house? (more…)

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money-2724245_1280 with house on Pixabay with text 2

Proposition 5 will be on the November 6, 2018 statewide ballot and could provide you property tax relief if you are a qualified California homeowner. (more…)

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Some experts are calling for a slowdown in the economy later this year (I personally do not believe that) and many economists have predicted that the next recession could only be eighteen months away. (more…)

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COMMUNITY

PROPERTY

COMMUNITY PROPERTY

WITH RIGHT OF

SURVIVORSHIP

JOINT

TENANCY

TENANCY IN

COMMON

PARTNERSHIP

TRUST

PARTIES

Husband and Wife

OR

Domestic Partners

Husband and Wife

OR

Domestic Partners

Any number of persons

(can be husband and wife

or domestic partners)

Any number of

Persons.

Any number of

Persons.

Any number of

beneficiaries of the trust.

DIVISION OF

INTERESTS

Equal

Equal

Equal

Any number of

interests equal or unequal.

Partnership interests

may be equal or unequal.

Beneficial interests

under trust may be

equal or unequal.

TITLE

In the names of the

individual owners

In the names of the

individual owners

In the names of the

individual owners

In the names of the

individual owners

In the names of the

partnership.

In the name of the trustee, “as trustee.”

POSSESSION

Equal right of

Possession.

Equal right of

Possession.

Equal right of

Possession.

Equal right of

Possession.

According to

partnership agreement.

According to trust

Agreement.

CONVEYANCE

Both parties must join

in a conveyance.

Both parties must join

in a conveyance.

Conveyance by one

co-owner breaks the

joint tenancy.

Each co-owner’s

interest may be

conveyed separately.

Any general partner

authorized by the

partnership agreement

may convey

Trustee may convey in

accordance with the

trust agreement.

DEATH

Decedent’s 1/2 interest

passes to survivor unless

devised by will.

Decedent’s 1/2 interest

passes to survivor.

Decedent’s interest

passes to the survivor(s).

Decedent’s interest

passes to decedent’s estate.

Partnership agreement

provides for either

termination or continuance

of the partnership

Trust agreement usually

provides for distribution

upon death of the settlor.

SUCCESSOR’S

STATUS

Tenancy in common

between devisee

and survivor results.

Survivor owns

entire interest.

Last survivor owns

entire interest.

Devisees or heirs become

tenants in common.

Heirs or devisee have rights in

partnership interest but not in

specific property

Trust agreement usually

provides for distribution

upon death of the settlor.

CREDITOR’S

RIGHTS

Community property is

liable for the debts of

either party incurred before

or during marriage or

domestic partnership.

Community property is

liable for the debts of either

party incurred before or

during marriage or

domestic partnership.

Co-owner’s interest

may be sold at an

execution sale to satisfy

the co-owner’s

judgment creditor.

Co-owner’s interest

may be sold at an

execution sale to satisfy

the co-owner’s

judgment creditor.

Only a partner’s right

to receive profits can

be executed upon

by the partner’s

judgment creditor.

Usually, a creditor cannot

execute on a

beneficiary’s interest.

 

This chart is for reference purposes only. How title is vested has important legal and tax consequences, and this chart should not be relied upon to make that decision. You should consult an attorney to determine the most advantageous

form of ownership for your particular situation. Someone who is not an attorney cannot give advice regarding how to hold title because doing so would constitute the unlawful practice of law. This is not legal, tax or investment advice.

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