Taking Title

Have you ever been asked, "How should I take ownership of the property I'm buying?" This important question is one real property purchasers ask their real estate broker, escrow and title professionals every day.

Because real property has become increasingly more valuable, the question of how parties take ownership of their property has gained greater importance.

The form of ownership taken (the vesting of title) will determine who may sign various documents involving the property and 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 claim. Also, how title is vested can have significant probate implications in the event of death.

Common ways of holding title in Washington State are:

Sole Ownership - single, married and registered domestic partnership.

Co-Ownership - community property, joint tenancy with rights of survivorship and tenancy in common.

Or - a corporation, a partnership, trustees of a trust and limited liability companies (LLC).

Happy Investing!


Today's blog courtesy of Sandy Andersen at Chicago Title Company in Seattle