You may be considering buying Los Angeles real estate and may have luckily have identified a home and gone into escrow. Now you need to decide how you are going to take title, especially if you a taking it jointly. There are various way to take title, including:
Co-Ownership: Below are seven of the most common ways. However you should consult with an attorney and/or a CPA to find the best option for you.
Community Property: only for husband and wife. Interest is separate but management is joint. Upon death half belongs to survivor. Half can be willed or pass to survivor.
Community Property Right of Survivorship: only husband and wife. Equal ownership and management. Upon death interest passes to the surviving spouse. It cannot be willed.
Joint Tenancy: any number of persons, including husband and wife with all ownership equal. Upon death the survivor owns the property. It cannot be willed.
Tenancy in Common: any numer of persons, including husband and wife, with interest determined by parties. Not necessarily equal. Upon death interest can be willed but does not pass automatically.
Tenancy in Partnership: any number of partners with interest determined by interest in partnership. Upon death, interest goes to surviving partner until partnership is liquidated when the interest is passed on to the deceased’s estate. Title Holding Trust: this can be held by any number of entities: individuals, partnerships, corporations, living trusts, etc. Interest can be divided up in any manner. Upon death, to avoid probate, successors can be named in the trust agreement. For a more detailed overview of the various forms of title, see below: