Prior to closing you will need to decide how to “hold title” of the new property. How you hold title will effect how your property is treated in respect to laws, taxes and estate planning.
Do not confuse this guide with legal advice, to fully understand the affects of how you hold title and what way is the best in your case you should consult an attorney or accountant.

One buyer/owner

Sole Ownership

An individual who has not been legally married, a legally divorced individual who was married and is now single or a person who is married but wishes to have the title in their name only. When a married couple is buying the spouse will have to sign a document saying they give up any right to the property.

Living Trust
You must create a living trust, while the person is still alive, giving that person control of their estate. The individual must transfer the title into the trust.

Two or more buyer/owners

Tenancy in Common

This allows each partner to sell, lease or will to heirs their share of the property.

>Any number of individuals may hold title.
> Any number of equal or unequal interests are allowed in the division of owner ship.
> A separate legal title is held by each co-owner to their undivided interest in the property.
> There is Equal right of possession.

Joint Tenancy

Property which is owned by any number of people jointly, if one of the owners dies, title automatically falls to the remaining living owners.

> Any number of individuals may hold title.
> Ownership interests cannot be divided.
> The property has only one title.
> There is Equal right of possession.

Community Property
Property owned together equally by a husband and wife. All documents and agreements of transfer must be signed by the man and woman.
> Only a husband and wife can take title.
> Interests in owner ship are equal.
> Title is held in a similar way to title held in a partnership; title is held in "community."
> There is Equal right of possession.

Additional Ways to Hold Title

A partnership is an association of two or more people who carry on a business for profit. Partnerships are allowed to hold title to real property in the name of the partnership and partners may have equal or an unequal interest in the property.

As a legal entity a corporation consisting of one or more shareholders is looked at under law as having basically the same rights as an individual. The entity exists until it is legally dissolve. Land owned by a corporation cannot be sought to repay debts or judgments against any of its shareholders.

A trust is a legal arrangement where title to property is transferred from the grantor to a person called a trustee. The trustee holds and manages the property for the benefit of the people listed in the trust as beneficiaries.

Title Escrow In Maui>>

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