Home buyers often give little thought to the ways to hold title. I hear escrow officers ask the question over and over, and watch buyers' puzzled faces as they grope for answers. How to hold title is something buyers should decide upon about the same time as they receive a lender preapproval letter, but unless their agent brings it up, they might not give it a second thought.
Be aware that real estate agents are not licensed to practice law, so we can't advise buyers, unfortunately. It's a legal question that is best answered by a real estate lawyer. But let's get real, how many buyers are going to run to their lawyers and pay for this type of advice, even though it's suggested? Not very many.
Here are some of the ways to hold title in California:
- Joint Tenants with Right of Survivorship
- Sole and Separate
- Community Property
- Community Property with Right of Survivorship
- Trust
- Corporation or Partnership
Apart from possible tax ramifications, the way a buyer holds title affects transfer, rights of transfer and whether the remaining interest will pass along to the survivor in the event of death. It's an important consideration and should not be decided upon simply because one form sounds more familiar or because that's how your parents hold title. Please do your own research and get legal advice before deciding.
Photo: Big Stock Photo
The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
