Monday, January 3, 2011

Understanding Common Ways Of Holding Title

When taking title to real estate, the form of ownership taken - or in other words, the vesting of title - will determine who owns the real estate, who may sign various documents involving the real estate and the future rights of the parties to the transaction. These rights involve such matters as real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor's claims. Also, how title is vested can have significant probate implications in the event of death.

You should give careful consideration to the manner in which title will be held. You are encouraged to seek your legal or tax professional's advice if you are unsure how you want to hold title.

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