When you purchase something as financially significant as real property, the consequences of the way in which you hold title to the property should not be taken lightly. Because there are many ways to hold title to real property, be it Community Property, Joint Tenancy, a Trust, or Registered Domestic Partners, it is crucially important that you consult an Attorney or CPA to determine what will be best for your particular needs.
Title Vesting can be held in any number of ways, and will affect many aspects of your property ownership. Vesting creates a division of ownership and managerial interests. It affects the resale of your property and the conveyance of the property. There are tax consequences, issues with rights of survivorship, and creditor’s rights that should all be taken into consideration when choosing Title Vesting.
Because there are advantages and ramifications to each different way of holding title, you should familiarize yourself with the benefits and possible problems of each.
Ticor Title has provided a basic outline for consideration on the ‘Common Ways to Hold Title’ (PDF attached). We strongly recommend you consult an attorney or CPA for specific questions about your needs. The information provided is simply an overview with a brief explanation of Title Vesting.
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