Our San Jose Real Estate Lawyers Discuss Types of Home Ownership
If you’re interested in purchasing a home or already own real estate and would like to plan for the future, there are several ownership options that you can discuss with San Jose real estate lawyers. Each option has its own benefits and drawbacks depending on the type of property, your marital status and other factors.
Fee Simple Ownership
This is the most common type of homeownership. When you purchase a home with a fee simple title, you acquire full possession of the property for an unlimited amount of time. As an estate holder, you are free to sell the entire estate or part of the estate. You may also decide who will inherit the property or if it should be sold in the event of your death. These details can be included in your will. San Jose real estate lawyers can recommend other ownership options and help you develop an estate plan. If you’re purchasing a condominium or townhouse in a multi-unit building with fee simple ownership, you’ll receive your own deed and ownership rights. You’ll also be responsible for paying real estate taxes. However, you will share costs to maintain common areas in and outside the building.
Joint Tenancy with Right of Survivorship
Joint tenancy titles with a right of survivorship clause allow property to transfer to a surviving tenant. For example, if one owner dies, property rights for the entire estate pass to the survivor. Heirs of the deceased tenant have no claim on the estate.
Tenancy in Common
With a tenancy in common title, each co-owner has a proportionate interest in the entire property. However, there is no right of survivorship clause. In this case, ownership interests pass to successors, which many include multiple heirs of a deceased tenant.
Tenancy by the Entirety
This type of title is not as common as it once was. It is traditionally used in marital estates to convey property to a surviving spouse. This arrangement is similar to a joint tenancy, except one party cannot sever the agreement. Today, tenancy by the entirety has been abolished in many states, and it is not recognized in community property states like California.
Contact San Jose Real Estate Lawyers
If you’re purchasing property, it’s wise to discuss potential ownership options with an experienced attorney. The Freed Law Firm has been handling complex transactions for more than 35 years. Call our San Jose real estate lawyers at 831-661-0300 to discuss your plans.