|
|
Palm Beach Home Finder Mortgage Calculator Buyers Resources Palm Beach Info. Search Properties For Buyers For Sellers About Us Contact Home Page Luxury Real Estate Blog |
Home>> Buyers Resources>> Real Estate Information>> How To Hold Title
How To Hold TitleThere are several different ways that you can hold title to your property, and they all depend on your situation. Here are the different ways that a homeowner can hold title to their property:1. Separate and Sole property – This is generally used by someone who is either single, or is a married person who has a property that is all their own. When this is used, there is a proceeding that is both lengthy and expensive upon the owner’s death if they want to pass it on to their heirs. 2. Community Property – This is something that married couples use, and it means that both people have an equal palm beachinterest in the property that is undivided. When one of the spouses dies, there may be probate proceedings, and there is a step up in basis that is for the property’s entire value to the property’s fair market value when the first spouse dies. If both spouses die, there will probate hearings that will need to be done before there can be a transfer to heirs. 3. Consult an Attorney - |
4. Joint Tenancy – This is used when there are two or more people who own the house and they each have an equal interest in the house that is undivided. It has the right of survivorship and that allows the transfer of the title that is held by the deceased joint tenant to the tenant or tenants that are still surviving.
5. Tenancy in common – This is used when there are two or more property owners who may have ownership interests in the property that are different. A death of one of them will end in a probate. 6. Title holding trust – This is used by people who are single or married, and they create a living trust. They hold the title to the property in their names and they are trustee or trustees of the trust. This is something that is the best choice for many reasons. a. The trustee chooses who gets the property when they die. b. There are no probate hearings to deal with as with other ways of holding a title. c. No pitfalls or expensive probate hearings. d. If one of the trustees is incapacitated, the other trustee takes over. Susan Polan knows how important it is to find a Palm Beach, Florida Real Estate specialist that can handle the transaction from beginning to end with expertise, efficiency and success. It is her desire to provide buyers and sellers interested in the Palm Beach Real Estate market helpful articles and information that can make their Palm Beach lifestyle a reality. Susan also knows that buying a home is much more than the home itself, so please enjoy this and other articles on this web site along with the most current information regarding homes for sale and that have sold in Palm Beach. Read on to find out more about relocation to the city of Palm Beach to begin living in the Palm Beach Lifestyle! Susan Polan understands that specialized needs of the wealthiest buyers and is the right choice to help you buy or sell a home in Palm Beach, Florida. Licensed Real Estate Professional Illustrated Properties Real Estate Inc. Web Site 561-222-0755 Direct 561-366-1121 Office EMAIL Me 249 Royal Palm Way, Suite 301 Palm Beach, Florida 33480 www.SusanPolan.com
Illustrated Properties Real Estate & Mortgage, Inc. Luxury Division 249 Royal Palm Way Palm Beach, Florida 33480 1-800-626-5773 (561) 626-7000 Palm Beach Info. | For Buyers | For Sellers | About Us | Contact | Home |
