Holding Title to Your Home … It’s An Important Decision!

There are many important decisions a consumer needs to make when buying and financing a home. Among them is how to take title to your home. With few exceptions, most home buyers (and even existing homeowners) don’t give this topic much attention. Those who do tend to have “Family Trusts” in place and are well informed.

Let’s cover six common ways to hold title to real estate in California which is a community property state:

1. Sole Ownership
2. Tenants in Common
3. Joints Tenants
4. Community Property
5. Community Property With Right of Survivorship
6. Family Trust

At the Van Duyn Group, we have prepared a report for our clients that provide explanations for these options and then recommend you consult with your CPA or tax professional for advice to determine which is best suited for you. You will want to get this right because the tax savings for survivors can be substantial! We also make sure the Title Company prepares and records your Deed of Trust according to your wishes.

If you are not sure how title is held to your existing property, check with the county recorder’s office where the property is located. Before you consider making any changes to existing real estate, make sure you get advice from your tax professional or CPA first. If changes to title are needed, a local title company will help you complete the paperwork and record with the appropriate county.