Full question:
I am acquiring real estate is various States as an investment and need to know how I should title this real property?
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: National
Answer:
You can title your property in several ways:
- Sole Ownership: The property is in your name alone.
- Tenants in Common: You and one or more co-owners hold separate interests in the property. You can sell or will your share independently. Ownership percentages can differ (e.g., 40% and 60%). However, selling your share may be challenging due to co-ownership.
- Joint Tenants: All owners have equal shares and a right of survivorship. If one owner dies, their share automatically goes to the surviving owner(s), avoiding probate. If an owner sells their interest, it converts to a tenancy in common.
- Community Property: Available to married couples or domestic partners in states that recognize it. Both must agree to any sale or mortgage. Upon death, the property goes to the surviving spouse unless specified otherwise in a will.
- Community Property with Rights of Survivorship: Similar to community property but ensures the property goes directly to the survivor without being subject to a will or intestate laws.
- Tenants by the Entirety: Only for married couples, this form requires consent from both spouses to dispose of the property. Creditors of one spouse may not foreclose on the property held in this manner.
- Trusts: You can also hold property in a trust, governed by the trust laws of the state.
Consider your specific situation and consult a legal professional for tailored advice.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.