Page 11 - Southern California Top Requested Flyers
P. 11

California Concurrent

                                                                    Co-Ownership Interests



                               COMMUNITY   PROPERTY  JOINT   TENANCY  TENANCY IN   COMMON  COMMUNITY   PROPERTY   RIGHT OF   SURVIVORSHIP  PARTNERSHIPS  TRUSTS









      PARTIES          Married persons or   Two or more persons  Two or more persons or   Married persons or
                       domestic partners                   entities         domestic partners


      DIVISION         Ownership interests are   Undivided equal shares in  Equal or unequal shares   Ownership interests are
                       equal             the entire property  in the entire property  equal
                       Title is in the                     Each co-owner has title   Title is in the
      TITLE            “community” - each   Title is to the entire   to his or her undivided   “community”-each
                       interest is equal  property         interest         interest is equal
                                                           Equal right of possession
                                                           unless there is an
      POSSESSION       Equal right of possession Equal right of possession  Equal right of possession
                                                           agreement to the
                                                           contrary
                                         Co-owner’s interest may
                       Consent of the other   be conveyed without   Each co-owner’s interest
                       spouse or domestic                                   Consent of other spouse
      CONVEYANCE       partner required except   consent but conveyance  may be conveyed   or domestic partner
                       for the co-owner interest   by one co-owner without  separately without   required
                                         the others terminates the  consent
                       transferred upon death                                                         Subject to the term of the partnership agreement  Subject to the terms of the trust
                                         joint tenancy
                                         Purchaser acquires
      PURCHASER’S      Purchaser acquires title   grantor(s) interest; if less  Purchaser acquires   Purchaser acquires title
      STATUS           of community      than all, joint tenancy is   grantor(s) interest  of community
                                         terminated
                       Upon co-owner’s death,              Upon co-owner’s death
      TRANSFER         1/2 belongs to survivor   Upon co-owner’s death   his or her interest passes   Upon co-owner’s death
      UPON DEATH       and 1/2 transferred by will   the entire tenancy   by will or intestate   the entire tenancy
                       or intestate succession  belongs to the survivor  succession  belongs to the survivor
                       Heirs or devisees are
      SUCCESSOR’S      tenants in common   Last survivor owns   Heirs or devisees are   Surviving spouse or
      STATUS           with surviving spouse or  property  tenants in common with  domestic partner owns
                       domestic partner                    other co-owners  property
                                         Co-owner’s interest may
                       Co-owner’s interest may   be sold at execution   Co-owner’s interest may  Co-owner’s interest may
      CREDITOR’S       be sold at execution   sale to satisfy creditor.   be sold at execution   be sold at execution
      RIGHTS           sale to satisfy creditor.   Joint tenancy is broken.   sale to satisfy creditor.   sale to satisfy creditor.
                                                                            Purchaser becomes
                                                           Purchaser becomes
                       Purchaser becomes
                       tenant in common.  Purchaser becomes   tenant in common  tenant in common.
                                         tenant in common.

                                                                                07/2021 | © 2021 Old Republic Title | OR1688-DI-CA |
                                                                      Old Republic Title is providing this information as a free client service
                                                                           and makes no warranties or representations as to its accuracy.
                                                                             Old Republic Title strongly recommends consumers confer
                                                                          with their title insurer as underwriting requirements vary among
                                                                        companies and further, obtain guidance and advice from qualified
                                                                      professionals, including attorneys specializing in Real Property, Trusts
                                                                      and/or Title Insurance to get more detailed, and current, information
                                                                                        as to any particular situation affecting them.
   6   7   8   9   10   11   12   13   14   15   16