Information about Title, and Exchange of Transfer
When buying real estate, there is an actual exchange of real property. It is very important for real estate career people to understand the basics of title and transfer. Different states have different laws regarding the exact details. California Real Estate uses the Judicial system more, while other states tend to like trust deeds.
Title and Transfer
I you don’t read your title report, it may have errors and you’ll be signing something that isn’t accurate, making the inaccuracies legal. Utah real estate agents can actually be held liable for errors that result in the preliminary title report.
When title is transferred, the title company checks the chain of title to make sure that none of the former parties on record by either deed or patent, have a vested interest in the property.
The worse title problem you can have is with ownership. Ownership is not quantifiable. There is no set dollar amount for vested ownership. People can always refuse to have an ownership interest released. Judgements can be paid off.
Most Common Types of Ownership
Husband and Wife – Joint Tenancy
When one spouse dies, ownership is automatically passed on to the survivor. There must be an equal share of ownership.
If there is no Joint Tenancy, the ownership needs to be past on somewhere.
Tenants in Common
Default Ownership status in Utah. Ownership is common, but there is no right to survivorship. Under Death laws this interest will be passed to heirs.
Can be any. Number of people. The percentage of ownership doesn’t matter.
For things like the Death Tax, it really matters which type of ownership you have. He distribution on death differs.
Other ways to hold title:
Partnerships
Corporations – By laws determine who signs.
LLC’s – Manager Needs to Sign