How to Take Title on a house. Ways to take title on a property.
*Holding the Right Title on a house or property is very critical and important . Most buyers do not give it some thought as to what would be the best way to take title. They ignore consulting a professional for any advice on holding title. Having the right title is not only important to stipulate who owns what and what percentage of the property, but is also consequences on your income taxes along with owning implication should one the title holders die.Like and leave comments, post any questions below.
Please consult your attorney for specific questions or information you may be looking for. Feel free to reach out to me for any questions or resources that you may need. I have a nationwide network of professionals who can help.
Here are 2 videos you may also want to view that has title information.
Ways to Take Title on A House or property that I talked about in this video: There are various ways to hold title to property and the laws vary by state This decision has many legal ramifications that can affect you and your heirs. Please seek legal advice before making this decision.
Here are a few examples of some of the most common ways title can be held.
Sole ownership** The simplest way to hold title to a property is called sole ownership. Sole ownership means that one person alone holds title to the property. This is most often used by persons who are single, but a married person can also choose sole ownership if his or her spouse is willing to sign a document renouncing any rights to the property.
Joint tenancy with right of survivorship** Joint tenancy with right of survivorship means two or more people hold title to the property together. If one person dies, the ownership automatically defers to the remaining owner(s).
Tenancy in common** Tenancy in common allows multiple owners to each own a percentage of a property. In this form of holding title to the property, an owner can sell his or her percentage share of the property at any time. Owners also can will their share to their heirs. The property does not revert to the other owners automatically, in that instance, if one of the owners dies.
Tenancy by the entirety** Some states allow joint ownership of a property by a married couple, called tenancy by the entirety. In this type of ownership, an owner cannot make a decision about the property without the other’s consent. As with joint tenancy with right of survivorship, each of the married partners has full right to the property should the other one die.
Community property** In nine states in the United States, property acquired while married is recognized as community property, with each of the partners owning half of the property. As with tenancy in common, each of the partners can will his or her half of the property to someone else, unless the community property is owned with right of survivorship.
Living trust** Property can be transferred into a living trust, which can reduce taxes on the estate in the event of the owner’s death. However, there is some cost to setting up and maintaining the trust. An estate attorney can assist in establishing a trust.
Corporation or partnership** A corporation or partnership can hold title to a property. Each has different rights and arrangements that affect the title. Seek legal counsel in order to make an informed decision.
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