Your Options for Taking Title
 Carefully
Consider how you intend to take title of your property. This will
determine your legal status, rights and obligations to the property. You
may want to discuss your options with an attorney to determine which is best for
you. Most of the possible ways to take title to your property are listed
here.
Community Property
In a community property state there is a statutory presumption that
all property acquired by a husband and wife is community property. Some
states do not presume a status of community property unless you acquire title as
such. Community property is a method of co-ownership for married persons
only. Upon the death of a spouse, the deceased spouse's interest in the
property will pass by either a will or interstate succession.
Joint Tenancy With Right Of
Survivorship
Joint tenancy is a method of co-ownership that gives title to the
real property to the last survivor. Title to real property can be acquired
by two or more individuals. If a married couple acquires title as joint
tenants with the right of survivorship, they must specifically accept the joint
tenancy to avoid the presumption of community property.
Tenancy in Common
Tenancy in Common is a method of co-ownership in which parties do not
have survivorship rights and each owns a specific undivided interest in the
entire title.
Corporation
Title may be taken in the name of a corporation provided that the
corporation is duly formed and in good standing in the state of its
incorporation.
General Partnership
Title may be taken in the name of a general partnership provided that
the general partnership was duly formed according to the laws of the
state. A partnership is defined a s a voluntary association of two or more
persons as co-owners in a business for profit.
Limited Partnership
Title may be taken in the name of a limited partnership provided that
there are one or more general partners and one or more limited partners. A
certificate of limited partnership must be filed in the Office of the Secretary
of State, a certified copy of which must be recorded.
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