Craig PornoreyIf you are looking forward to investing in real estate, you might seek advice from people you know working in the real estate business. One of the questions they will have for you is which property ownership you would like to have on a certain property. There are several types of property ownership in real estate.
The types of property ownership are crucial to how you can use your property and what happens to the property in your absence. If you want to buy property in Ventura, here are the types of property ownership you can get.
Sole Ownership
Sole ownership is the most common and simplest form of ownership in Ventura. Sole ownership means you are the sole owner of the property, and a realtor Ventura, will advise you to get this type of ownership.
Joint Tenancy
This type of tenancy is common among married couples who buy a certain property together. If one owner dies, the other person automatically inherits the property without going through probate.
Tenancy in Common
Tenancy in Common means the property is owned by two or more people, and each owner has a certain percentage of ownership of the property. There are no survivorship rights in common; hence, if one person dies, the heir to the estate will have to enter into a tenancy in common agreement with the surviving owners.
Partnership (LLC)
Partnership ownership is common in business relationships where partners own certain property, and one or two have limited liability. Limited liability means the owners have reduced ownership risks. Your realtor Ventura will advise you to get partnership liability to shield yourself from lawsuits that might arise from that property.
Owning Trust
Owning trust ownership places responsibilities and care of a certain property on a trustee on behalf of a beneficiary. The beneficiary is usually a minor or an incapacitated adult. This type of ownership usually ends when the minor becomes an adult or the incapacitated adult can prove they can own and take care of that property.
Owning Corporation
Corporations are legal entities that are allowed by law to own certain properties. If you want to buy a property for your business, your realtor, Ventura, might advise you to have the property registered under your business.
Community Property
Common property ownership is obtained by one spouse during the marriage. The other spouse automatically becomes the owner of that property even if they did not participate in getting that property or it is registered in the name of the spouse who got it. When you buy a property after getting married, your realtor Ventura will ensure you know your spouse will have ownership regardless of their contribution.
Owning Property in Ventura
When looking to purchase property in Ventura, it is important to discuss with your realtor which ownership is the best for you. Your ownership type will determine how you use that property and the survivorship rights.
