How to hold title in California
In California, there are several ways to hold title to real property. Here are the most common methods:
Sole Ownership: This is when a property is owned by a single individual. The title will be in the individual's name, such as "John Smith."
Tenancy in Common: This form of ownership is used when two or more individuals want to own a property together. Each owner has a separate and distinct share of the property, which may or may not be equal. If one owner passes away, their share will pass to their heirs rather than to the other owners.
Joint Tenancy: This is another form of co-ownership where two or more individuals share equal ownership of a property. If one owner passes away, their share automatically passes to the surviving owners, avoiding probate. This is often referred to as the right of survivorship.
Community Property: This type of ownership is available to married couples or registered domestic partners. It states that property acquired during the marriage or partnership is equally owned by both individuals, regardless of which spouse's name appears on the title.
Community Property with Right of Survivorship: Similar to community property, this ownership type is available to married couples or registered domestic partners. It combines the benefits of community property ownership with the right of survivorship. If one spouse passes away, their share automatically passes to the surviving spouse without going through probate.
It's important to note that the specific laws and requirements for holding title may vary, and it's always recommended to consult with a real estate attorney or other qualified professionals to determine the best method of ownership for your particular situation.