Page 38 - Homeowners Manual - Monterey - Carmel

CALIFORNIA CONCURRENT CO-OWNERSHIP INTERESTS

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

Parties Only married couple Two or more persons Two or more persons Only married couple
or entities

Undivided equal Equal or unequal
Division Ownership interests shares in the entire shares in the entire Ownership interests
are equal are equal
property property

Title is in the Each co-owner has Title is in the
Title “community” — each Title is to the entire title to his or her “community” — each
interest is equal property undivided interest interest is equal

Co-owner’s interest
Consent of the other may be conveyed
spouse required without consent but Each co-owner’s
Conveyance except for the conveyance by one interest may be Consent of other
co-owner interest conveyed separately spouse required
transferred upon co-owner without the without consent
others terminates the
death
joint tenancy
Purchaser acquires
Purchaser’s Status Purchaser acquires grantor(s) interest; Purchaser acquires Purchaser acquires
title of community if less than all, joint grantor(s) interest title of community
tenancy is terminated

On co-owner’s On co-owner’s death, On co-owner’s death, On co-owner’s death,
death, 1/2 belongs
Transfer Upon Death to survivor and 1/2 the entire tenancy his or her interest the entire tenancy
transferred by will or belongs to the passes by will or belongs to the
intestate succession survivor intestate succession survivor

Heirs or devisees are Heirs or devisees are
Successor’s Status tenants in common Last survivor owns tenants in common Surviving spouse
with surviving spouse property with other co-owners owns property

Co-owner’s interest
Co-owner’s interest Co-owner’s interest Co-owner’s interest
may be sold at may be sold at may be sold at may be sold at
execution sale to
Creditor’s Rights execution sale to satisfy creditor. Joint execution sale to execution sale to
satisfy creditor. tenancy is broken. satisfy creditor. satisfy creditor.
Purchaser becomes Purchaser becomes Purchaser becomes Purchaser becomes
tenant in common. tenant in common. tenant in common.
tenant in common.

PARTNERSHIP TRUSTS

Subject to the terms of the partnership agreement Subject to the terms of the trust

33