Vesting, Real Estate Ownership Interests

RELOCATE NATIONWIDE

VESTING INFORMATION

HOW YOU TAKE TITLE - VESTING:

Note: This information is provided to you as a courtesy, for informational purposes only, and may differ from state to state. For advice regarding tax and other consequences of vesting, contact your attorney or tax provider.

Joint Tenants	Property owned by two or more persons, in equal shares, characterized by the incident of survivorship. Upon death of a joint tenant, the interest passes to the surviving joint tenants rather than to the heirs of the deceased.
Tenants in Common	An undivided ownership in real estate by two or more persons. The interests need not be equal, and in the event of the death of one of the owners, no right of survivorship in the owners exists, but instead the interest passes to the heirs of the deceased. It exists when two or more persons acquire title, not as community property or as joint tenants. Each owner has a separate and distinct interest, which must be shown on the deed of acquisition. Each owner may deal with their interest without the consent of the other co-tenants.
Community Property	All property acquired after marriage by either husband or wife, or both, is community property. Neither the husband nor the wife can sell real property without the consent of the other. They both must sign the document and their signatures must be acknowledged. Excludes anything acquired prior to marriage, unless co-mingling of funds occur. Inherited property is still sole and separate property.
Trustee of a Trust	A fiduciary holding title for the benefit of the beneficiary, family trust, living or revocable.
Corporation	An article being formed by law with some of the rights, duties, and privileges of a natural person.
Partnership	Limited and General, an association of two or more people formed for the benefit of carrying on as co-owners of a business for profit.
Community Property, with Right of Survivorship	Acquisition is the same as joint tenants, but the acquisition document must specifically state "with right of survivorship." Terminating the interest of the deceased spouse is the same as joint tenants. It is believed the only difference between "Joint Tenants" and "community property with right of survivorship" is the tax advantages/disadvantages upon death.
D.B.A.	Under the style and name of an individual.
Separate Property	All property of the husband and wife acquired by him/her prior to the marriage may be his/her separate property. If you live in a "community property" state, property cannot be sold and/or encumbered without the spouse's consent, a deed from the spouse may be required to divest themselves of any community property interest by reason of the marriage. Property acquired by him/her prior to the marriage or after the marriage by gift or devise is his/her separate property and the one who owns it can deal with it alone and need not have the consent of their spouse.