Holding Title

CONCURRENT CO-OWNERSHIP INTEREST/VESTING/HOLDING TITLE



COMMUNITY PROPERTY COMMUNITY PROPERTY W/ RIGHT OF SURVIVORSHIP JOINT TENANCY TENANCY IN COMMON PARTNERSHIPS TRUST ARRANGEMENTS COMMUNITY PROPERTY TRUSTS
PARTIES Only husband & Wife Only husband & Wife Both should sign the acquisition Deed to accept this special form of vesting title. Any number of persons. Can be husband & wife alone-or with others-no corporations-no partnerships Any number of persons and/or corporations & partnerships Any number of persons and/or corporations & partnerships MUST be at least two Any individual, group, partnership or corporations. Other special requirements. Only husband & wife
DIVISION OF INTEREST Ownership & Management of property is equal. Ownership & Management of property is equal. Interests are equal and undivided. Yet each person controls their own interest. Ownership can be divided into any number of interests equal or unequal. Each partner's share is personal property in partnership entity. Ownership is a personal property interest & can be divided into any number of interests Property retains its character of community property.
TITLE Title is in the "community." Each interest is separate but management is unified. Title is in the Community subject to special survivorship right Ownerships is joint. Sale by one severs tenancy as to others. Each co-owner has a separate legal title to his/her their undivided interest. Ownership is by partnership entity only. Title is held by trustee(s) pursuant to the trust agreement. Title is held by trustee(s) pursuant to the trust agreement.
POSSESSION Both co-owners have equal management & control Both co-owners have equal management and control Equal right of possession Equal right of possession Possession by partnership by managing partner(s) Depends on provisions in trust agreement. Depends on provisions of trust agreement.
CONVEYANCE Requires written consent of other spouse-or actual conveyance by deed. Separate interest is devisable by will. Require Both spouses to join for valid, conveyance except for security for attorneys fees. However the estate may be severed as in joint tenancy by one spouse conveying to themselves. Conveyance by one owner severs the joint tenancy- but only as to that owner's interest. Each co-owner's interest may be conveyed separately by its owner. Conveyance MUST be by designated general partners. All limited partners need to consent if sale is 100% of assets Designated parties in the trust instrument authorize the trustee to convey property. Also, a beneficiary's interest may be sold separately(as personal property) unless restricted. By the trustee pursuant to the powers contained in the trust instrument.
PURCHASER'S STATUS Purchaser can only acquire entire 100% of title of community. Both spouses must consent or convey. Cannot be a co-owner with others’ spouse. Purchaser can only acquire 100% of the title. Both spouses must convey. Cannot be a co-owner with other spouse. Purchaser will become a tenant in common with the other co-owners in the property as to the purchasers interest. Other owners may remain joint tenants. Purchaser will become a tenant in common with the other co-owners in the property. Purchaser acquires interest that partnership owned. Purchaser acquires interest held by the trustee. Beneficiary’s interest may be conveyed separately (as personal property) unless restricted. Purchaser acquires the interest held by the trustee.