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California Real Estate Principles, 10.1 Edition

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Presentation on theme: "California Real Estate Principles, 10.1 Edition"— Presentation transcript:

1 California Real Estate Principles, 10.1 Edition
Chapter 6 Part II: Estates and Methods of Holding Title

2 Owner’s Rights

3 Fee Simple Estate Fee Simple Absolute: No private restrictions
The HIGHEST form of ownership Fee Simple Qualified (Defeasible) Title is subject to private restrictions NOTE: All property subject to governmental controls

4 Life Estate I grant 123 Elm Street to my mother for her life, and after her death, to the Real Estate Scholarship Fund Foundation. Mrs. Smith REMAINDER

5 Life Estate I grant to my land to my mother for her life, and upon her death the land reverts to my estate. Mr. Kelly REVERSION

6 Life Estate I grant my home to the Real Estate Scholarship Endowment Fund, but I reserve the right of possession to my home for the rest of my life. Mr. J.R. Smith RESERVATION

7 Tenant’s Rights

8 One Owner

9 Taking Title When Unmarried
Title Taken As: “A Single Man” or “A Single Woman” Never Been Married “An Unmarried Man” or “An Unmarried Woman” Was Married Not Married When Acquired “Sole and Separate property” Are Married Acquired During Marriage Keeping Separate From Marriage Funds

10 Multiple Owners

11 Joint Tenancy Right of survivorship Equal shares for all joint tenants
No probate. Cannot will the title interest Surviving tenant gets title free of debts of deceased Four unities must exist: T ime T itle I nterest P ossession

12 A & B are still joint tenants D is a Tenant in Common
Joint Tenancy A B C C sells to D A B D A & B are still joint tenants D is a Tenant in Common Right of Survivorship A B C C dies A B

13 A B C A B Tenancy in Common
No right of survivorship. Can leave property by a will Involves Probate. Can convey without co-owner’s permission Equal right of possession. Must pay percentage share of expenses Each owner may sever interest without permission of others Undivided interest in the whole Example: A 1/3, B 2/3 or A ¼, B ¼, C ½ A B C C dies A B C’s Heirs Tenancy in Common

14 Tenancy in Common Multiple (2+) Owners Inheritable Interests
Equal Right of Possession

15 Characteristics of Community Property
Property acquired during valid marriage EXCEPTIONS: -property acquired before marriage -property acquired during marriage by gift or inheritance, if not commingled Equal Co-Managers, Both signatures required to sell or lease Each spouse has the right to will to whomever, unless they agree to the right of survivorship No probate if left to surviving spouse

16 Community Property Can ONLY be with held with a spouse or registered domestic partner Real property acquired during the marriage or registration If no title is stated, the Court presumes all property is Community Property Either party may separately will their share Requires both signatures to sell or lease Injured spouse has one year to void action Limited probate proceedings for spouse, no probate if community property with right of survivorship Undivided interest. Equal management, control, rights, ownership and possession

17 Community Property wife ? Husband dies intestate wife wife
husband wife husband wife wife Husband dies intestate husband wife ? wife Husband dies wills all of his property to someone other than wife

18 SEPARATE PROPERTY Property owned before marriage
Gift or inheritance during marriage Sale proceeds/profit from sales of separate property COMMINGLED becomes community property

19 Tenancy in Partnership
Two or more persons join for a business Rights not assignable Partners are jointly and severally liable General partner General partner is responsible for debts Unlimited liability for the business debts Limited partner Only responsible up to the amount invested Frequently used for real estate syndicates


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