1. A single Man/Woman: A man or woman who has not been legally married.
2. An unmarried Man/ Woman: A man or woman who has previously and is now legally divorced.
3. A Married Man/Woman as His/ Her sole & separate property: A married man or woman who wishes to acquire title in his or her name alone
1. Community Property: A form of vesting title to property owned by husband and wife during their marriage which they intend to own together. Community property is distinguished from separate property, which is property acquired before marriage by separate gift or bequest, after legal separation, or which is agreed to be owned only by one spouse.
2. Joint Tenancy: A form of vesting title to property owned by two or more persons, who may or may not be married, in equal interest, subject to the right of survivorship in the surviving joint tenants. Title must have been acquired at the same time, by the same conveyance, and the document must expressly declare the intention to create a joint tenancy estate. When a joint tenant dies, title to the property is automatically conveyed by operation of law to the surviving joint tenant. Therefore, joint tenancy property is not subject to disposition by will.
3. Tenancy In Common: A form of vesting title to property owned by two or more individuals in undivided fractional interests. These fractional interests may be unequal in quantity or duration and may arise at different times. Each tenant in common owns a share of the property, is entitled to a comparable portion of the income from the property and must bear an equivalent share of expenses. Each co-tenant may sell, lease and/or will to his/her heirs that share of the property belonging to him/her.
1. As a Corporation: A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having an existence and personality separate from such shareholders.
2. A Partnership: A partnership is an association of two or more persons who can carry on business for profit as co-owners as governed by the Uniform Partnership Act. A partnership may hold title to real property in the name of the partnership.
3. A Trust: A trust as an arrangement whereby legal title to property is transferred by the grantor to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called the beneficiaries.
How title is vested has important legal consequences. You may wish to consult an attorney to determine the most advantageous form of ownership for your particular situation.
Copyright © 2012 An independently owned and operated broker member of BRER Affiliates Inc.