4 Common Ways to Take Title in a Property For Different Situations and Life Circumstances

Today, we're going to talk about how to take title. And this is David Xie with the Xie Mortgage Team. So recently I was approached with a question that kind of made me scratch my head and really made me think about this. I had a customer come to me and he says, Hey my spouse abandoned my marriage about 10 years ago and I really would like to know how to buy a house and take title.

The first option is joint tendencies. This is a great option because if someone passes away and the title has to get transferred, it would be split 50 50 ownership. And this is typically for two people that are not married.

The second option is for tendencies in common. This is for two people that hold different parts of ownership or different percentages of ownership. And with that, that means if one person passes away, there will be that split or that imbalance like a 60, 40 split or a 70, 30 split.

The other one is tendencies by entirety. Tendencies by entirety is a really good way of holding it, especially if you're married. Typically the way that married couples would hold the title, and the way that this works is if one spouse passes away, the other spouse will still retain the full ownership of the house without having to go through probate or any other options.

In the case of the customer that I spoke about who had the issue with the abandonment of marriage, he's going to take the property as a sole ownership. As sole ownership the benefit of that, regardless of whether you're single, you're married, you're taking title directly as a sole member of sole ownership of this house.

And then finally, if you live in one of these states, such as California, Arizona, Louisiana, Idaho, New Mexico, Texas, Wisconsin, you would have to take property as community property, or you can take it as community property as if you're married.

And the way that that works is you're married. You're both going to have ownership of the property. And then finally, this is definitely a curve ball and everyone that watches my videos knows that I love baseball. So I love curve balls. Now the curve ball part of this is that there are other ways of taking title such as taking it as a corporation and taking it as a trust.

Trust is a great way especially if you have a legacy that you like to leave to your family and you do have a trust drawn up. And then finally, you can take it as an LLC. However, you have to check with your lender in regards to the guidelines, depending on the type of loan that you're taking.

However, if you have any questions about any of these loans or how to take title and what works best for you, please feel free to reach out to me and my team. And this is David Xie at the Xie Mortgage Team, and we can be reached at (757)-478-8493.

If you'd like to schedule an appointment with me, there will be a link down below to my Calendly. Or you can feel free to reach out to me seven days a week, and I'd love to help you answer any questions that you may have. All right, bye.

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