Livermore California Real Estate - Pleasanton California Real Estate

California Real Estate John and Laurie Kurtzer

How to Hold a Title

What is Escrow?

Buying or selling a home is the largest monetary transaction most of us experience in our personal lives. Buying or selling a home or land usually involves the transfer of a large sum of money. As a buyer or a seller, you want to make sure that all the conditions of sale have been met before property and money exchange hands. Through the years, custom has dictated that money and all related documents be transferred through a neutral third party. This process is called escrow.

In California, escrows are processed by escrow officers. Most of these are employed by title companies. Escrow officers are people who have years of hands-on experience in handling all the type of documents and large sums of money involved in transferring real property.

The escrow officer serves as the neutral "stake holder" and the communication link to all parties in the transaction. The escrow officer holds all documents and money until all conditions of the sale are completed, at which time she will impartially carry out the written instructions given by the principals in the transaction.

How to Hold Title

This is general information. To determine the proper choice for your particular situation you must consult with your attorney, legal advisor and/or financial advisor(s).

Tenancy in Common	Joint Tenancy	Community Property	Community Property With Right of Survivorship
PARTIES
Any number of persons. (can be husband & wife.)	Any number of persons.	Only husband and wife.	Only husband and wife.
DIVISION
Ownerships can be divided into any number of interests equal or unequal.	Ownership interests must be equal.	Ownership interests are equal.	Ownership and management are equal.
TITLE
Each co-owner has a separate legal title to his undivided interest.	There is only one title to the whole property.	Title is in the "community". Each interest is separate but management is unified.	Each interest is separate but management is unified.
POSSESSION
Equal right of possession.	Equal right of possession.	Equal right of possession.	Husband and wife have equal management and control.
CONVEYANCE
Each co-owner's interest may be conveyed separately by its owner.	Conveyance by one co-owner without the others breaks the joint tenancy.	Both co-owners must join on conveyance of real property. Separate interest cannot be conveyed.	Separate interest cannot be conveyed without consent of spouse. Upon death survivor can convey full title with proper affidavit.
PURCHASER'S STATUS
Purchaser will become a tenant in common with the other co-owners in the property.	Purchaser will become a tenant in common with the other co-owners in the property.	Purchaser can only acquire whole title of community: cannot cannot acquire a part of it.	Can only acquire as husband and wife and must express (in deed) the intent to acquire title with "right of survivorship".
DEATH
On co-owner's death, his interest passes by will to his devisees or heirs. No right of survivorship.	On co-owner's death, his interests end and cannot be disposed of by will. Survivor owns the property by rights of survivorship.	On co-owner's death 1/2 belongs to survivor in severalty 1/2 goes by will to descendant's devisees or by succession to survivor.	By affidavit death of spouse for right of survivorship, spouse gains full title.
CREDITOR'S RIGHTS
Co-owner's interest may be sold on execution sale to satisfy his 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 on execution sale to satisfy creditor.	Co-owner's interest cannot be seized and sold separately. The whole property may be sold on execution sale to satisfy creditor.
This material is presented for your information only. It is not offered as advice or recommendation. Always check with your financial advisor(s), CPA, and legal advisors before making any decisions.


John and Laurie Kurtzer Valley Properties 1841 Fourth Street, Livermore, CA 94550 Office: (925) 447-9000 \| Direct: (925) 454-2418 \| Cell: (925) 337-2370