Buying a home is one of the biggest investments you’ll ever make, and it’s important to make sure that you take the title to the property properly. Title is the legal ownership of a property, and it’s important to take the necessary steps to ensure that you have clear and marketable title. In this blog post, we’ll discuss some ways to take title on a home.
- Sole Ownership: This is when one person owns the property in their name alone. This is the simplest way to take title and is often used by single individuals or married couples who want to keep their assets separate.
- Joint Tenancy with Right of Survivorship: This is when two or more people own the property together with each having an equal share. If one owner passes away, their share automatically passes to the other owner(s) without going through probate.
- Tenancy in Common: This is when two or more people own the property together, but each person can own a different percentage of the property. If one owner passes away, their share passes to their heirs, not to the other owner(s).
- Community Property: This is a type of ownership that is recognized in some states. It applies to married couples and means that each spouse owns half of the property. This type of ownership can have tax benefits for couples.
- Living Trust: This is a legal document that outlines how your assets, including your home, will be managed and distributed after your death. When you create a living trust, you transfer ownership of your property to the trust. This can help you avoid probate and ensure that your wishes are carried out after your death.
It’s important to work with a qualified real estate attorney or title company to help you determine the best way to take title on your home. They can help you understand the different types of ownership and the legal implications of each. By taking the time to properly take title on your home, you can protect your investment and ensure that your wishes are carried out in the event of your death.