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Step 1
Community Property, this requires a legal marriage between the two owners. One of the spouses cannot sell of his or her interest, and both signatures are required when selling or transferring ownership. Upon death, the deceased owner can will their half share of the community property, away from their spouse.
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Step 2
Joint Tenancy with right of survivorship, owners need not be married, and there can be multiple parties. Each party holds an equal interest in the property. One owner can sell this or her share of the property. All owners must sign if the entire property is to be sold or encumbered. On the death of one party, the deceased owner’s share is passed to the remaining owners.
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Step 3
Community Property with right of survivorship, this requires a legal marriage between the two owners. Each owner has an undivided one half interest in the property. One of the spouses cannot sell of his or her interest, and both signatures are required when selling or transferring ownership. Upon death, the deceased owner cannot will their half share of the community property away from their spouse, it passes to the spouse.
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Step 4
Tenancy in Common, owners need not be married, and there can be multiple parties. Each owner holds an undivided fractional interest in the property. For example, one owner might own 25% while another owns 75%. This is different from Joint Tenancy, where each owner holds the same percentage of ownership. Each owner can transfer or sell their ownership to another party. All owners must sign if the entire property is to be sold or encumbered. Upon death of one owner, the decease’s share passes to his or her heirs.
Comments
acole said
on 7/25/2008 Interesting.