Holding Title

How should I take ownership of the property I am buying?

This important question is one California real property purchasers ask their real estate, escrow and title professionals every day. Unfortunately, though these professionals may identify the many methods of owning property, they may not recommend a specific form of ownership, as doing so would constitute practicing law. Because real property has become increasingly more valuable, the question of how parties take ownership of their property has gained greater importance. The form of ownership take – the vesting of title – will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve the matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also how title is vested can have significant probate implications in the event of death. You are encouraged to obtain advice from an attorney or tax consultant or another qualified professional in this manner.