Pioneer Title Agency, Inc.

TITLE VESTING

Sole and Separate:

Ownership by one person without restraint or obligations to any others. Upon death of the sole owner, their interest passes to their heirs. In the case of a married couple, separate property is defined as property owned before marriage, and that acquired afterward by gift, bequest, devise or descent. When a single person acquires property, the marital status of the person should be stated on the deed to alleviate any questions regarding marital status and community property.

Community Property:

All property acquired by the husband and wife, or separately, during their marriage is considered community property, unless it is acquired by operation of law as separate property. If a spouse chooses to secure title to property in their name only, the other spouse would be required to sign a disclaimer deed or quit claim deed to the property. In the event of death of one of the spouses, their interest passes to their heirs.

Community Property with Right of Survivorship:

Property acquired by the husband and wife, as community property, however with right of survivorship which automatically vests to the surviving spouse upon death. The right of survivorship estate must be accepted on the vesting instrument by the husband and wife at the time of conveyance. There is no requirement for probate or estate administration and community property may afford an improved tax basis dependent on the estate value.

Joint Tenancy with Right of Survivorship:

Joint Tenancy is a form of ownership of a single estate by two or more persons which automatically vests to the survivor(s) upon death. The joint tenancy estate must be accepted on the vesting instrument by all parties to the joint tenancy at the time of the conveyance.

Tenancy in Common:

This is a form of co-ownership of property by two or more persons in undivided interests. A tenant in common must own an undivided interest in the entire property but must also be entitled to share possession of the entire property. The interest need not be equal to that of the other co-tenants. Upon the death of a tenant in common, the deceased tenants interest passes to his heirs who then become tenants in common with the other tenants. The interest of each tenant is referenced in the deed, and if not, it is assumed they all have equal interests. If a married couple chooses to take title as tenants in common, they are required to accept same on the conveying deed.