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HOME PROPERTY		Tenancy in Common	Joint Tenancy	Community Property	Tenancy in Partnership	Community Property w/Rights of Survivorship
BUYER INFO SELLER INFO	Parties	Any number of persons (can be husband and wife)	Any number of persons (can be husband and wife)	Only husband and wife	Only partners (any number)	Only husband and wife
COUNTRY COASTAL CORRIDOR LIFE ON THE COAST ABOUT ARA	Division	Ownership can be divided into any number of interests, equal or unequal	Ownership interests cannot be divided	Ownership interests are equal	Ownership interest is in relation to interest in partnership	Ownership interests are equal
LINKS CONTACT ARA	Title	Each co-owner has a separate legal title to his/her undivided interest	There is only one title to the whole property	Title in the "community" (similar to title being in a partnership)	Title is in the "partnership"	Title in the "community" (similar to title being in a partnership)
How do You Start? Why You Need a Real Estate Broker	Possession	Equal right of possession	Equal right of possession	Equal right of possession	Equal right of possession	Equal right of possession
Make Effective Use Of the Internet General Housing Costs How to Make The Right Offer Methods of Holding Title	Conveyance	Each co-owner's interest may be conveyed separately by its owner	Conveyance by one co-owner without the other's breaks the joint tenancy	Both co-owners must join in conveyance of the real property	Any authorized partner may convey whole partnership property. Consent of co-partners needed for transfer	Both co-owners must join in conveyance of the real property
Buying Land What's Involved Obtaining the Dream ADDITIONAL ARTICLES	Purchaser's Status	Purchaser becomes a tenant in common with the other co-owners	Purchaser becomes a tenant in common with the other co-owners	Purchaser can only acquire whole title of community, cannot acquire a part of it	Purchaser can only acquire the whole title	Purchaser can only acquire whole title of community, cannot acquire a part of it
	Death	On co-owner's death, his/her interest passes by will to his/her devisees or heirs. No survivor's interest	On co-owner's death, his/her interest ends and cannot be willed. Survivor owns the property by survivorship	On co-owner's death, it goes to survivor in severalty. It goes by will to descendant's devisee or survivor by succession	On partner's death, his/her interest passes to the surviving partner pending liquidation of the partnership. Share of the deceased partner goes to their estate	On co-owner's death, his/her interest ends and cannot be willed. Survivor owns the property by survivorship
	Successor's Status	Devisees or heirs become tenants in common	Last survivor owns property in severalty	If passing by will, tenancy in common between devisee and survivor results	Heirs or devisees have rights in partnership interest, but not specific property	Last survivor owns property in severalty
	Creditors	Co-owner's interest may be sold on execution sale to satisfy his/her creditor	Creditor becomes a tenant in common. Co-owner's interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken. Creditor becomes tenant in common	Co-owner's interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife	Partner's interest cannot be seized and sold separately by their personal creditor, but their share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor	Co-owner's interest cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife
	Presumption	Favored in doubtful cases except husband and wife	Must be expressly stated and properly formed. Not favored	Strong presumption that property acquired by husband and wife is community	Arises only by virtue of partnership status in property placed in partnership	Strong presumption that property acquired by husband and wife is community

The above table is provided for general information only. The holding of title (vesting) has certain significant legal and/or tax consequences and you are encouraged to obtain advice from an attorney or other qualified professional in this matter.

Beside real estate market values changing last year, there is another significant change that can effect many married persons. It is a new option for holding title to real estate. Before I go any further , understand I am a real estate professional, not a tax adviser or an attorney. For more legal information consult with your tax advisor or got to the web site with attorneys, Weiss & Weissman, Inc., who specialize in real estate law at: http://www.wwlaw.com. You can get more information by visiting their site or contacting them directly.
Every couple's tax and legal situation is different. The point of this article is not to advise you, but rather to make you aware that there are some new options, as of mid-year 2001. In the past, a married couple usually chose either Joint Tenants, or Community Property. Each method has advantages and disadvantages. Unfortunately, at the times one needs stress the least, at the death of a spouse, I have witnessed some disastrous results form incorrect methods of holding title.
In my layman's terms, when property was held as Joint Tenants, the property went right to the spouse, or surviving tenant. The disadvantages to this holding can be in twofold: 1) a joint tenant can deed out to another without notification and 2) the tax consequences can be punitive compared property held as Community Property.
On the other hand, while there can be tax advantages if held as Community Property, there is also the need for a will. If no will exists, it can give minor children ownership rights that prevent the remaining spouse form being able to convey the property in order to care for those very same minor children. And Community Property, with out right of survivorship can be willed to others than the spouse.
The new method of holding title for married person is Community Property with Right of Survivorship. Depending upon you entire legal and financial situation, this may create tax advantages without needing a formal will. Mind you I'm not advising to go without a will, it's just that we're all human and sometimes those things fall to the bottom of the list. This method may be a good solution until you set up a living trust or one of the other estate options suitable to the estate of you and your spouse
After reviewing the above table, make an appointment with your legal or tax advisor to find out if this new method could be advantageous to you and your spouse.

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