Ways to Take Title on Your Home

So you worked with your Realtor and found the Perfect home!  And the Sellers accepted your Offer!  Whoo, hoo!  You open Escrow and need to choose how you will take title.  There are 5 basic Ways to Take Title on Your Home.   Choosing the correct option depends on your family’s situation and why you purchased and what will happen when you are deceased.

Taking title is a legal decision. A Realtor can’t tell you HOW to take title, but can provide you with information so you can make the best decision for you and those you purchased your property with.

In a recent blog on Bankrate.com, Beth Braverman reviewed the most common ways to take title:

Sole ownership
A property with a sole ownership title is in the name of one person.

Joint tenancy with the right of survivorship
Two or more individuals purchasing a property together, in which each person owns an equal portion of the property and they move in at the same time.

Tenancy in common
Under this method, multiple people can hold the title and own the property together, but they’re able to sell their interest or pass it on to beneficiaries of their choosing after they pass away.

Tenants by entirety
Some states allow married couples to own a property via this title method, which gives both spouses full ownership of the property. Creditors can’t lay claim to the property if they’re pursuing a debt that’s only owed by one of the spouses.

In a living trust
A trust is a legal vehicle that allows you (the trustee) to pass assets such as property to your beneficiary after your death without going through probate.

Disclaimer:  As mentioned, how you take title is a legal decision.  For further information, contact your attorney

Carol Gilles, Realtor, with The RealEstate Group has been working with Buyers and Sellers since 1979.  She can assist you as you move through your real estate transaction with grace & ease.  Contact Carol at 310-864-9738 or Carol@CarolGilles.com