8 Ways to Hold Title on your California Home Learning how to hold title on your home can be a difficult process with much information to consider. Before exploring the ways that ownership is vested, it is important to first understand what title is. Read on to learn how to obtain title in California! What is Title? Title in real estate refers to the actual ownership and rights that a person or persons has to a property. It is the actual legal ownership of the property, while a deed is a document that serves as a record of that ownership. The deed is not the actual ownership of the property. Consulting a title vesting chart can add additional information for California’s regulations.
When a man or woman who is not legally married or in a domestic partnership acquires title. Widows/widowers and men or women who have been previously married and are now legally divorced are also included in this category.
A married man or woman may buy a house in his or her name alone and own all of the accompanying rights. In order for this to occur, legally the spouse must relinquish all rights and title to the property and also may sign a quitclaim deed.
Very similar to the above case with married couples, a person in a domestic partnership may buy a property in his or her name alone. The non-vested partner will then sign to relinquish any rights and title of the property.
The same form of title as above with the added benefit of the right of survivorship. The right of survivorship in California states that when one spouse dies, the title and ownership will remain with the living spouse instead of being passed on to their children.
A title between two persons that are not married or in a domestic partnership that vests equal shares and interests in the property.
Tenancy in common is a form of title for two co-owners without equal shares or ownership in the property.
California allows co-ownership in the form of a trust arrangement. A trust is an agreement where a grantor allows a trustee to manage and hold the property in the best interest of the beneficiaries.
The process of buying a home has many steps, long hours, and lots of paperwork. Learning which form of title is the best for you will simplify your property documentation and will give you peace of mind in knowing you made the best choice for your life and family.
