Property Title: How to hold title in California | Real Estate Fundamentals
⭐ Subscribe for more real estate content: / @georgebaltakianrealestate 📸 Follow me on Instagram: / george.realestate ✅ Website & Contact Info: https://www.GeorgeBaltakian.com ___________ This video describes 'title and vesting' and considerations for how to hold property title in California. The 5 forms of real estate ownership in California covered in this video include: Sole Ownership, Joint Tenancy, Tenancy in Common, Community Property with Right of Survivorship, and Trusts. All definitions are explained below: What is Title and Vesting? How does title and vesting work? -- Title / Vesting is a very important concept to understand in real estate and has numerous implications for taxes and transfer of real estate property. Title and vesting simply refers to 1) who owns the property, and 2) what are their rights of ownership. Sole Owner - A single person or entity owning all rights to a property. Joint Tenants - Multiple owners owning equal shares. Joint tenancy includes "Right of Survivorship", meaning if one owner dies, their share will be distributed evenly to the remaining owners. Tenants in Common - Multiple owners, not necessarily owning equal shares. Tenancy in Common does NOT include a "Right of Survivorship", so if one of the owners dies, their share of equity goes to their heirs or will rather than the remaining owners. Community Property with Right of Survivorship - This form of ownership is for married couples and domestic partners. If you are holding title as a married couple it is likely through Community Property or Joint Tenancy. A married person could also hold title as a sole owner, however a quitclaim deed would be needed. Check out my video explaining Quitclaim Deeds in further detail: • Grant Deed VS Quitclaim Deed: What's the d... Trusts - A trust is a legal entity that is used to pass on assets to heirs with certain tax advantages. This may include Revocable Trusts, Irrevocable Trusts, Living Trusts, Charitable Trusts, and more. Consult and estate planning professional for more information. #realestate #realestateeducation #propertytitle _________ DISCLAIMER: This video is provided for informational or entertainment purposes only. Check with your accountant, lawyer, and/or other professionals/advisors before relying on this information. Although we believe it to be reliable, we do not provide any warranties and we do we do not guarantee its accuracy or completeness. Please consult a professional and use common sense. common sense
