Parties

Any number of “persons” 1, may be legal entities, spouses or domestic partners

Any number of “persons” 1, may be legal entities, spouses or domestic partners

Only Husband and Wife or Domestic partners

Only Husband and Wife or Domestic Partners

Division

Ownership can be divided into an % needed equal or unequal. Ie: 80% / 20% or 70% / 30%, etc.

Equal ownership no matter how many on title.

Equal ownership between Husband and Wife

Equal ownership between Husband and Wife

Creation

Multiple Conveyances – presumed equal interest ownership unless specified

One conveyance creating equal interest – Vesting should specify joint tenants

One conveyance – law presumes Community Property from marriage of domestic partnership

One conveyance – spouses or domestic partners need to indicate consent on deed

Possession & Control

Equal

Equal

Equal

Equal

Transferability

Individual owners may transfer or mortgage their interest. 3

Individual owners may transfer interest but Tenants in Common vesting results. 3 & 4

Both on title must consent to transfer or mortgage

Both on title must consent to transfer or mortgage

Liens Against Owner

One owner’s interest not subject to liens of other owner unless spouse or domestic partner – forced sale can occur. 4

One owner’s interest not subject to liens of other owner but forced sale can occur if prior to co-owners debt.

Debt of either spouse can be satisfied with forced sale of property.

Debt of either spouse can be satisfied with forced sale of property.

Death of One Owner

Decedents share of property passes to heirs by will or intestacy

Right of Survivorship – decedents share of property automatically passes equally to others of title

Decedents ½ share of property passes to spouse or domestic partner unless devised by will.

Right of Survivorship – decedents ½ share of property automatically passes equally to spouse or Domestic partner on title.

Advantages / Disadvantages

Interests of owners on title may be transferred separately. 2

Survivorship avoids probate but spouses may have tax disadvantages.

Legal survivorship rights; Consent required for transfer; tax advantages may exist for spouse or domestic partners. 2

Rights of survivorship; Consent required for transfer; tax advantages may exist for spouse or domestic partners. 2