Page 6 - Home Buyers and Sellers Handbook English - California

B BUYERS

BUYERS
Home ownership is the American Dream and you are about to embark on an exciting process. Your home will be
one of your largest assets and most likely will appreciate in value over the life of your ownership.

There are a lot of decisions ahead of you. Please use this handbook as a guide to help you throughout
this process.

COMMON WAYS OF HOLDING TITLE
How should I take ownership of the property I am buying?
The form of ownership taken (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 such 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.

Buyers may wish to consult legal counsel to determine the most advantageous form of ownership for their
particular situation, especially in cases of multiple owners of a single property.

Following is a brief list of common says to hold title:

Sole Ownership – Sole ownership may be described as ownership by an individual or other entity capable of
acquiring title. Examples of common vesting cases of sole ownership are:

1. A Single Man/Woman: A man or woman who is not legally married or in a domestic partnership. For
example: Bruce Buyer, a single man.

2. A Married Man, Woman as His/ Her Sole and Separate Property: A married man or woman who wishes
to acquire title in his or her name alone.

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