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6646 Liberty Hall Rd

Quinton VA,23141

804-777-9941

TransCommunity Settlement Group,LLC.

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Holding Title

Before you reach the closing Day, you will want to make a decision as to how you will “Hold Title” to the Property. This decision has Legal, Tax and Estate planning ramification. Therefore it may be prudent to consult an Attorney or a certified public accountant (CPA).

 

The following information is supplied for informational purposes and  should not be relied on as legal definitions.

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Buying Alone.

 

Sole Ownership

•A single individual who has not been legally married.

•An unmarried individual who was married and in now legally divoriced.

•A married individual who wishes to aquire title in his or her name alone.

•At the time of closing,the spouse of the buyer will be required to spacifically disclaim or relinquish his or her right, title and interest to the property.

 

Living Trust

A living trust is created while and individual is alive and gives the individual control of the distribution of his or her estate. The individual transfer the ownership of his or her property and assets into the trust.

 

Buying with Others

 

Tenancy is Common

Enables each partner in the property to sell,. Lease or will to his/her heirs that share of the property belonging to him/her.

•Who can take the title ? anyu number of individuals.

•Ownership Division: any number of interest , equal or  unequal.

•Who holds title? A sererate legal title to his undivided interest is held by each co owner

•Possession : equal right of possission

 

Joint Tenancy

Property owned by multiple individuals where if one of the owners dies, the remaining owners acquire the share of the deceased owner automatically.

•Who can take title? Any number of individuals. o Ownership Division: Interests cannot be divided.

•Who holds title? There is only one title to the whole property,

•Possession: Equal right of possession.

 

Community Property

Property owned equally between a husband and wife. Each must sign all agreements and

documents of transfer.

• Who can take title? Only a husband and wife. o Ownership Division: Interests are equal.

•Who holds title? Similar to title being in a partnership, title is held in "community. ' Possession: Equal right of possession.

 

Additional Ways to Hold Title

Corporation

A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. Land owned by a corporation cannot be attached for personal debts or

judgments rendered against any of its shareholders.

A Partnership

A partnership is an association of two or more persons who can carry on business for profit. A partnership may hold title to real property the name of the partnership with

partners having an equal or an unequal interest in the property.

A Trust

A trust is an arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the