Joint Tenancy Co-Ownership of Residential Or Commercial Property - Advantages And Disadvantages
Co ownership of residential or commercial property in California can be accomplished by numerous techniques varying from neighborhood residential or commercial property (for couples) through occupancy in typical, to ownership by corporations, limited liability companies, partnerships and trusts. After community residential or commercial property, JOINT TENANCY is probably the most typically utilized technique ... and the most mistreated. While holding residential or commercial property as Joint Tenants is easily accomplished and, indeed, typically immediately done for customers by title business, realty agents and inexperienced CPAs and lawyers, in reality it has considerable problems and is seldom the very best way to jointly hold residential or commercial property. In other words, both legal and tax concerns typically develop to the shock and, at times, discouragement, of those who "took the easy way" and decided to keep collectively owned residential or commercial property as joint occupants.
This short article shall talk about the basic law of joint occupancy and examine both the advantages and the detriments of holding residential or commercial property in this way. It shall also recommend numerous alternative techniques of holding title which fix a number of the problems of joint occupancy.
Definitions and Basics:
The reader is welcomed to very first review the article Real Estate Ownership and Transactions in the United States which discusses generally the methods of owning and buying and selling property in this nation. This article shall presume the reader has currently read that more standard article.
Co ownership of residential or commercial property simply suggests two or more individuals or entities owning title to residential or commercial property.
Co ownership can be achieved in numerous methods.
Co ownership of residential or commercial property in California can be accomplished by numerous techniques varying from neighborhood residential or commercial property (for couples) through occupancy in typical, to ownership by corporations, limited liability companies, partnerships and trusts. After community residential or commercial property, JOINT TENANCY is probably the most typically utilized technique ... and the most mistreated. While holding residential or commercial property as Joint Tenants is easily accomplished and, indeed, typically immediately done for customers by title business, realty agents and inexperienced CPAs and lawyers, in reality it has considerable problems and is seldom the very best way to jointly hold residential or commercial property. In other words, both legal and tax concerns typically develop to the shock and, at times, discouragement, of those who "took the easy way" and decided to keep collectively owned residential or commercial property as joint occupants.
This short article shall talk about the basic law of joint occupancy and examine both the advantages and the detriments of holding residential or commercial property in this way. It shall also recommend numerous alternative techniques of holding title which fix a number of the problems of joint occupancy.
Definitions and Basics:
The reader is welcomed to very first review the article Real Estate Ownership and Transactions in the United States which discusses generally the methods of owning and buying and selling property in this nation. This article shall presume the reader has currently read that more standard article.
Co ownership of residential or commercial property simply suggests two or more individuals or entities owning title to residential or commercial property.
Co ownership can be achieved in numerous methods.