When it comes to purchasing a property, many buyers have the same question — how do I take ownership?
Though the question is common, receiving guidance is more complicated than you might expect. As recommending any specific method of ownership is considered legal advice, real estate, escrow, and title professionals are disallowed from advising any specific method of ownership due to California law.
The California Land Title Association (CLTA) suggests property buyers consult with legal counsel to determine the best form of ownership based on their qualifications. However, the CLTA also provided the following informational overview of common vesting types — though, they should not be considered legal definitions as you search for the option best suited for you.
"Sole ownership" is simply described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting cases of sole ownership are:
- A Single Man or Woman, an Unmarried Man or Woman or a Widow or Widower
- A Married Man or Woman as His or Her Sole and Separate Property
- A Domestic Partner as His or Her Sole and Separate Property
Title to property owned by two or more persons may be vested in the following forms:
- Community Property
- Community Property with Right of Survivorship
- Joint Tenancy
- Tenancy in Common
Other Ways to Vest a Title
- A Corporation
- A Partnership
- Trustees of a Trust
- Limited Liability Companies (LLC)
For more information, including an in-depth overview of every option listed above, visit the CLTA website.