Ways to take title of realty

Question 1

Joint Tenants

Answer 1

Must have equal interest, Right of survivorship, PITT has to occur simultaneously, may or may not be married.

Question 2

Severalty

Answer 2

One Person

Question 3

Tenants in common

Answer 3

May be unequal interest, no right of survivorship, may or may not be married.

Question 4

Tenants in the Entirety

Answer 4

MUST be married, Right of survivorship, Cannot sell property without both signatures.

Question 5

Community Property

Answer 5

Equal percents after marriage, Must be married, No right of survivorship,

Question 6

Sole and Separate

Answer 6

Sole what you get before marriage, separate is a gift you can leave separate in marriage,.

Question 7

Trust

Answer 7

Trustee takes over, can pass without probate.

Question 8

General Partnership

Answer 8

Unlimited liabilty

Question 9

Limited Partnership

Answer 9

Risk is the investment.

Question 10

Corportation

Answer 10

Ownership is the stocks or shares.

Question 11

LLC

Answer 11

Your name of company plus a share holder.

Question 12

Co-op

Answer 12

Corporation holds title, stockholder gets priority lease to move in. NEVER gets the deed. No taxes.

Question 13

Condo

Answer 13

You receive 2 titles, air space and common area with other condo owners. Responsible for taxes for their own unit taxes.

Question 14

Timeshare

Answer 14

1 week of ownership

Question 15

Limited Common

Answer 15

Assigned storage area.