Taking Title to Real Property in CA: Consult your CPA & your attorney!
Taking Title to Real Property in California: Consult your Tax Accountant & your Attorney
If you are a first time buyer or a move up buyer, chances are you are not familiar, or it has been so long, since you took Title of your property, hence it would be in your best interest to re-familiarize yourself as to what is the best way for you to take Title of your New Purchase.
Taking Title to Real Property in California can and will have significant tax and legal consequences as to how you take title. I would strongly encourage that you contact an attorney and/ or a CPA for how you should take our title.
Just to give you an idea:
A. There could be “Sole Ownership”: 1. a single man/woman, 2. An Unmarried man/woman 3. A married man/woman, as his/her Sole and Separate Property
B. Co-Ownership: 1. Community Property, 2. Joint Tenancy, 3. Tenancy in Common, 4. Trust
There are other ways such as Community Property with Right of Survivorship; anyway I could go on and on. There are many more ways to take title to real property. I could spend and provide you with definitions and explanations, but to get proper understanding of the legal and tax consequences you would still need to consult with the appropriate party which would be an attorney and a CPA.
The best advice I can give you is: this part of the purchase process is just as important as getting a physical inspection of the property. So please do not take a shortcut here! This Consultation will save you money in the long run!
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at email@example.com or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.