*Advantages of home ownership
*Question & answer
*Glossary for the home buyer
SECTION 2
*Types of
policies
*Common methods of holding title
*Common ways of holding title to real property
SECTION 3
*Who pays what?
*Alameda County closing costs
*Tax calender
| TENANCY IN COMMON | JOINT TENANCY | COMMUNITY PROPERTY | |
| Parties | Any number of persons. (can be husband and wife) |
Any number of persons. (can be husband and wife) |
Only husband and wife. |
| Division | Ownership can be divided into any number of interests, equal or unequal. | Ownership interest cannot be divided. | Ownership interests are equal. |
| Title | Each co-owner has a separate legal title to his undivided interest. | There is only one title to the whole property. | Title is the "community."(similar to title being in a partnership) |
| Possession | Equal right of possession. | Equal right of possession. | Equal right of possession. |
| Conveyance | Each co-owner’s interest may be conveyed separately by its owner. | Conveyance by one co-owner without the others breaks the joint tenancy. | Both co-owners must join in conveyance of real property. Separate interests cannot be conveyed. |
| Purchase’s Status | Purchaser becomes a tenant in common with the other co-owners. | Purchaser becomes a tenant in common with the other co-owners. | Purchaser can only acquire whole title of community: cannot acquire a part of it. |
| Death | On co-owner’s death, his interest passes by will to his devisees or heirs. No survivorship right. | On co-owner’s death, his interest ends and cannot be willed. Survivor owns the property by survivorship. | On co-owner’s death, ½ goes to survivor in severalty. Up to ½ goes by will or succession to others. (Consult attorney with specific questions.) |
| Successor’s Status | Devises or heirs become tenants in common. | Last survivor owns property in severalty. | If Passing by will, tenancy in common between devisee and survivor results. |
| Creditor’s Rights | Co-owner’s interest may be sold on execution sale to satisfy his creditor. Creditor becomes a tenant in common. | Co-owner’s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken; creditor becomes tenant in common. | Co-owner’s interest cannot be seizes and sold separately. The whole property may be sold to satisfy debts of either husband or wife, depending on the debt. (Consult attorney with specific questions.) |
| Presumption | Favored in doubtful cases except husband and wife. (See Community property.) | Must be expressly stated and properly formed. Not favored. | Strong presumption that property acquired by husband and wife is community. |
THIS IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. SPECIFIC QUESTIONS FOR ACTUAL REAL PROPERTY TRANSACTIONS SHOULD BE DIRECTED TO YOUR ATTORNEY OR CPA.
Information Deemed Reliable, but Not Guaranteed.
İBarbara Kolodziejski, 1999-2003.
| "Earth | ||
| To Life | ...... | Support |
| To the Explorer | ...... | A Base |
| To the Wise | ...... | An Investment" |
Alameda
The Best Kept Secret in San Francisco Bay
Barbara Kolodziejski
www.BarbK.com
Good Things Come To Those Who Make Things Happen!