Ways of Holding Title

	TENANCY IN COMMON	JOINT TENANCY	COMMUNITY PROPERTY	COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Parties	Two or more persons¹ (may be spouses or domestic partners²)	Two or more persons¹ (may be spouses or domestic partners²)	Husband and wife or domestic partners	Husband and wife or domestic partners
Division	Ownership can be divided into any number of interests, equal or unequal	Ownership interests must be equal	Ownership interests must be equal	Ownership interests must be equal
Creation	One or more conveyances (Law presumes interests are equal if not otherwise specified)	Single conveyance (creating identical interests). Vesting must specify joint tenancy or law presumes tenancy in common	Single conveyance or presumption from marriage or domestic partnership	Single conveyance and spouses or domestic partners must indicate consent, which can be indicated on deed
Possession and Control	Equal	Equal	Equal	Equal
Transferability	Each co-owner may transfer or mortgage their respective interest separately³	Each co-owner may transfer his/her interest separately, but tenancy in common results^3&4	Both spouses or domestic partners must consent to transfer or mortgage	Both spouses or domestic partners must consent to transfer or mortgage
Liens Against One Owner	Unless married or domestic partners, co-owner's interest not subject to liens of other debtor/owner, but forced sale can occur⁴	Co-owner's interest not subject to liens of other debtor/owner, but forced sale can occur if prior to the debtor's death	Entire property subject to forced sale to satisfy debt of either spouse or domestic partner	Entire property subject to forced sale to satisfy debt of either spouse or domestic partner
Death of Co-Owner	Decedent's interest passes to his/her heirs by will or intestacy	Decedent's interest automatically passes to surviving joint tenant ("Right of Survivorship")	Decedent's 1/2 interest passes to surviving spouse or domestic partner unless otherwise devised by will	Decedent's 1/2 interest automatically passes to surviving spouse or domestic partner due to Right of Survivorship
Possible Advantages/ Disadvantages	Co-owner interests are separately transferable³	Right of Survivorship (avoids probate). May have tax disadvantages for spouses.	Qualified survivorship rights. Mutual consent required for transfer. Surviving spouse or domestic partner²may have tax advantage	Right of Survivorship. Mutual consent required for transfer. Surviving spouse or domestic partner may have tax advantage

1. "Persons" includes a natural person as well as a validly formed corporation, limited partnership, limited liability company, or general partnership. Trust property is vested in the trustee (usually a natural person or corporation).

2. For domestic partners meeting California statutory requirements, benefits are the same as community property except certain tax benefits may not be available. Note: Two unrelated persons who are either (a) same sex, or (b) opposite sex if they meet age or disability requirements, may be domestic partners provided that they are not then married or in a domestic partnership and comply with other statutory requirements.

3. Transfers by married persons or domestic partners may require a quitclaim deed from spouse/partner for title insurance purposes.

4. If co-owners are married or domestic partners, property may be subject to legal presumption of "community property" - requiring consent of both spouses/partners to convey or encumber title - notwithstanding vesting as "joint tenancy."

The foregoing is provided for general information only. For specific questions or financial, tax, or estate planning, we suggest you contact an attorney or certified public accountant.