CommonwaystotaketitletoCaliforniaresidentialproperty.pdfVIP

Vesting Common ways to take title to California residential property Advantages and Limitations Parties TENANCY IN COMMON Two or more persons1 JOINT TENANCY Two or more natural persons COMMUNITY PROPERTY Spouses or domestic partners2 COMMUNITY PROPERTY with Right of Survivorship Spouses or domestic partners2 Division Creation Ownership can be divided into any number of interests, equal or unequal One or more conveyances (law presumes interests are equal if not otherwise specified) Ownership interests must be equal Single conveyances (creating identical interests); vesting must specify joint tenancy Ownership interests must be equal Presumption from marriage or domestic partnership or can be designated in deed Ownership interests must be equal Single conveyance and spouses or domestic partners must indicate consent which can be on deed Possession and control Equal Equal Equal Equal Transferability Each co-owner may transfer or mortgage their interest separately Each co-owner may transfer his/her interest separately but tenancy in common results Both spouses or domestic partners must consent to transfer or mortgage Liens against one owner Unless married or domestic partners, co-owner’s interest not subject to liens of other debtor/owner but forced sale can occur Co-owner’s interest not subject to liens of other debtor/owner but forced sale can occur if prior to co-owner’s/debtor’s death Entire property may be subject to forced sale to satisfy debt of either spouse or domestic partner Both spouses or domestic partners must consent to transfer or mortgage Entire property subject to forced sale to satisfy debt of either spouse or domestic partner Death of co-owner Decedent’s interest passes to his/her devisees or heirs by will or intestacy Decedent’s interest automatically passes to surviving joint tentant (“Right of Survivorship”) Decedent’s 1/2 interest passes to surviving spouse or domestic partner unless otherwise devised by will Decedent’s 1/2 interest automatically