Methods of Showing Title
Also known as title insurance is like any other insurance policy but it offers far more security to the buyer than the abstract method. It insures the lender against financial loss and obstruction of defects in title and real property. It can be purchased to insure any real estate property against claim including a lease and easement. There are a few methods of showing title.
- Tenancy in common (party to two or more persons) – Here the ownership is divided equal (or unequal) no of interests.
- Joint tenancy (party to two or more natural persons) – herein, ownership interests must be equal. Possession and control is equally distributed. Co owner’s interests not subject to liens of other debtor/owner but sale can be done on the death of a co-owner or debtor.
- Community property (party to spouses or domestic partners) – herein, presumption from marriage or domestic partnership can be designated in deed. Both spouses must consent to transfer or mortgage. To clear the debt of either the spouse or domestic partner the property can be subjected to forced sale. The spouse gets qualified survivorship rights and any one of the partner may get tax advantage.
- Community property with right of survivorship (party to spouses or domestic partners) – The consent of the spouses of domestic partners must be included in the deed. Also both partners must consent to transfer or mortgage. The right of survivorship is gained and surviving partner may get tax advantage.
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