4 Ways to take Title

Question 1

Tenancy in Common

Answer 1

When two or more people own property together with the right to will or sell it (WITHOUT survivorship or community property rights). Each owner has the right to occupy the land. If the owners cannot agree to ownership or management, it would be best to sell the property and divide the profits. If an agreement cannot be reached by the owners, the matter is taken to court.

Question 2

Joint Tenancy

Answer 2

When two or more people have identical interests in the whole property with the same right of possession and the right of survivorship. If one joint tenancy owner die, their interest is then split evenly between the surviving owners. Joint tenancy can NEVER be willed.

Question 3

Tenancy in Partnership

Answer 3

Refers to two or more people who are co-owners in a business. If one partner should die, their interest passes to any heirs who then have a right in the partnership. If an agreement cannot be reached with the heirs, the partnership may have to be dissolved.

Question 4

Community Property

Answer 4

Refers to all the property acquired by a husband or wife during their marriage other than separate property. California is a community state, which means that any property acquired during a marriage is shared equally.