Types Of Home Ownership And How To Hold Title On Home
This BLOG On Types Of Home Ownership And How To Hold Title On Home Was UPDATED On August 24, 2017
Types of home ownership and how to hold title to new home:
- There are various ways of holding title and types of home ownership.
- Title is usually held by individuals via sole ownership or joint ownership.
- Joint ownership of property, also known as joint title, is normally when two or more people are on the title to the property.
- It is up to homeowners on the types of home ownership they want to hold title on their new home purchase.
Title Held As Sole Home Ownership
Title can be held by a single individual and is usually held as a single man or a single woman for those who are not legally married.
- It can also be held as an unmarried man or unmarried women.
- For those who are single or a man or woman who has been previously married and now is legally divorce.
- Other forms of title include a married man or married woman as his or her sole and separate property.
- On cases where a married man or married woman wants to hold title under his or her name only can be done with the other spouse’s consent.
- The married man or married woman can also quit claim the deed to the property which will relinquish all legal right, title, and ownership interest to the property.
Joint Home Ownership
Married folks who purchase real estate in community property states such as Nevada, California, Wisconsin, Louisiana, Taxes, Washington, Arizona, New Mexico, and Idaho can opt to hold title as community property.
- Each person has a legal right to half of the property which is passed on to the other person in the event if one spouse dies.
Title And Home Ownership In Community Property States
In community property states, each spouse has the legal right to dispose half of the community property.
- In the event if one spouse doesn’t decide to exercise their right to dispose their half to someone other than their married partners, then their half will go to the surviving married partner without legal mediation or arbitration.
- In the event if the married partner decides to exercise their right to dispose their half to someone else besides their surviving spouse, then their half is subject to the receiver of his estate.
Title & Home Ownership Held In Joint Tenancy
Another form of ownership which is held by two or more people is title held in joint tenancy.
- Title in joint tenancy cannot be held by a corporation, partnerships, limited liability companies, or trustees of a given trust which is in equal shares, or a titles created by a single transfer where it is declared in the transfer to be a title held in joint tenancy.
- The title that is held as joint tenants must be get their title the same time from a single transfer and hold and share identical interests as well as contain equal rights of ownership.
- In the event of one joint tenant, the surviving joint tenant doesn’t take new title but still holds the whole estate under the original transfer.
Title And Homeownership Held In Tenancy In Common
Tenancy in common is title held by two or more owners to the properties.
- The ownership interest of each person can be declared as being equal or not equal ownership.
- The purpose of the title being held in tenancy in common is to divide up the ownership interest as it sees best appropriate among the owners of the property.
Title And Home Ownership Held In Trust
Title to a property can be titled under a title holding trust.
- The trust has legal title to the property and is appointed a trustee of the trust.
- The trustee is the person who holds title for the beneficiary and has the authority to exercise the best interest of the trust.
- Advantages of having title under trust includes avoiding probate expenses and delays associated with probate settlements.