FROST ESCROW
CommunityProperty Right of Survivorship
Community
Property
Tenancy in Partnership
Title is in the "community." Each interest in separate but management is unified.
If passing by will, tenancy in common between devisee and survivor results.
Purchaser can only acquire whole title of community; cannot acquire a part of it.
Must be expressly stated.
Both co-owners have equal management and control.
Only partners that are registered with the California Secretary of State's domestic Partners Registry.
Ownership and managerial interests are equal (except control of business is solely with managing domestic partner).
On co-owner's death 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant's devisee or by succession to survivor.
Co-owner’s interests cannot be seized and sold separately. The whole property may be sold to satisfy debts of either husband or wife, depending on the debt
(consult an attorney)
Both co-owners must join
in conveyance of real property. Separate interests cannot be conveyed
There is only one title to the whole property
Last survivor owns property in severalty
Purchaser becomes a tenant in common with
the other co-owners
Must be expressly stated and properly formed. Not favored
Equal right of possession
Any number of persons (can be husband and wife)
Ownership interests cannot be divided
On co-owners death, his interest ends and cannot be willed. Survivor owns the property by survivorship
Co-owner’s interest may be sold on execution sale to satisfy creditor. Joint tenancy is broken, creditor becomes a tenant in common
Conveyance by one co-owner without the
others breaks the joint
tenancy
Title is in the “partnership”
Heirs or devisee have rights in partnership interest but not specific
property.
Purchaser can only acquire the whole title.
Arise only by virtue of partnership status in property placed in partnership.
Equal right of possession
but only for partnership
purpose.
Only partners (any number)
Ownership interest is in relation to interest in partnership
On partner’s death his/her partnership interest passes to the surviving partner pending liquidation of the partnership. Share of deceased partner then goes to his/her estate.
Partner’s interest cannot be sized or sold separately by his/her personal creditor but his/her share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor.
Any authorized partner may convey whole partnership property for partnership purpose.
Legal and equitable title is held by the trustee
Defined by the trust agreement, generally the successor becomes the beneficiary and trust continues.
A Purchaser may obtain a beneficial interest by assignment or may obtain legal and equitable title from trust.
A trust is expressly created by an executed trust agreement.
Right of possession as specified in the trust provisions
Individuals, Groups of persons, partnerships or Corporations, a living trust
Ownership is a personal property interest and can be divided into any number of interests.
Successor beneficiaries may be named in the trust agreement eliminating the need for probate
Creditor may seek an order for execution sale of the beneficial interest or may seek an order that the trust estate be liquidated and proceeds distributed.
Designated parties within the trust agreement authorize the trustee to convey property. Also a beneficiary’s interest in the trust may be transferred.
Title is in the “Community”
management is unified.
Surviving spouse owns property.
Purchaser can only acquire whole title of community, cannot acquire a part of it.
Must be expressly stated.
Both co-owners have
equal management and
control
Individuals, Groups of persons, partnerships or Corporations, a living trust
Ownership and managerial interest are equal.
Upon the death of a spouse, his/her interest passes to the surviving spouse, without administration, subject to the same procedures as property held in joint tenancy.
Property of community is liable for debts of either which are made before or after marriage: whole property may be sold on execution sale to satisfy creditor.
Right of survivorship may be terminated pursuant to the same procedures by which a joint tenancy may be served.
Title is in the "community." Each interest in separate but management is unified.
If passing by will, tenancy in common between devisee and survivor results.
Purchaser can only acquire whole title of community; cannot acquire a part of it.
Must be expressly stated.
Both co-owners have equal management and control.
Only partners that are registered with the California Secretary of State's domestic Partners Registry.
Ownership and managerial interests are equal (except control of business is solely with managing domestic partner).
On co-owner's death 1/2 belongs to survivor in severalty. 1/2 goes by will to descendant's devisee or by succession to survivor.
Property of community is liable for debts of either partner, which are made before or after registration as domestic partners. Whole property may be sold on execution sale to satisfy creditor.
Personal property (except "necessaries") may be conveyed for valuable consideration without consent of other partner; real property requires written consent of other partner, and separate interest cannot be conveyed except upon death.
Title
Successors Status
Purchasers Status
Presumption
Possession
Parties
Division
Death
Creditors
Conveyance
Each co-owner has a separate legal title to
his/her undivided interests
Devisees or heirs become tenancy in common
Purchaser becomes a tenant in common with the other co-owners
Favored in doubtful cases except husband and wife (see community property)
Equal right of possession
Any number of persons (can be husband and wife)
Ownership can be divided into any number of interests equal or unequal
On co-owner’s death his interest passes by will or succession to his devisees or heirs. No survivorship right
Co-owner’s interest may be sold on execution sale
to satisfy his creditor. Creditor becomes a tenant in common
Each co-owners interests may be conveyed separately by its owner