Vesting is how a deeded owner holds title to the property. Vesting options for real property can impact future legal, tax, and estate decisions. During a timeshare closing, your escrow or closing agent should send you a closing packet asking you to choose a vesting option. Every state has its own regulations, so not all vesting options will be available in each state. If you are unsure what to do, consult with your title agent and with a real estate attorney in the state where the property is located.
Sole Ownership or Tenant in Severalty is ownership by one individual or legal entity.
Joint Tenancy is ownership by two or more. The characteristic of joint tenancy is that if one owner dies, the surviving owner(s) take title and a probate process would not be required.
Tenants in Common is ownership by two or more where each owner has an undivided interest.
Tenants by the Entirety is ownership for husband and wife. It is similar to a joint tenancy but for legal purposes they are considered to be one entity. This is a common vesting in Florida.
Community Property is ownership by a married couple where each spouse owns one-half of the property bought during their marriage. California is a community property state.
Sole Ownership or Tenant in Severalty is ownership by one individual or legal entity.
Joint Tenancy is ownership by two or more. The characteristic of joint tenancy is that if one owner dies, the surviving owner(s) take title and a probate process would not be required.
Tenants in Common is ownership by two or more where each owner has an undivided interest.
Tenants by the Entirety is ownership for husband and wife. It is similar to a joint tenancy but for legal purposes they are considered to be one entity. This is a common vesting in Florida.
Community Property is ownership by a married couple where each spouse owns one-half of the property bought during their marriage. California is a community property state.
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