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The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.
If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.
If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.
Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.
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| Q |
Where was the first hotel built in the US?
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The Union Hotel (1802) Saratoga Springs, NY, is the first hotel emphasizing lodging and services, in addition to food and drink. |
See More Real Estate Trivia > |
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Cori Blount Real Estate Express Services 34119 Keller Court Winchester CA 92596 Main Ofice: 951-926-4297 Assistant: 951-200-0248 Cell: 951-317-5151 Fax: 951-329-3361 Email: CoriBlount@NUMBER1EXPERT.com
Cori Blount is the broker /owner of Real Estate Express Services with
18 years of personal sales experience as well as an independent Broker.
Having represented a national builder, and having held position as vice
president of operations with a national franchise, it is my pleasure to
represent both buyers and sellers in the exciting field of real estate here
in Southwest Riverside County. With a vast knowledge in all aspects of
residential real estate necessary to make YOUR experience successful and
equitable it will be my pleasure to be of service to you .    
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