Common Deed Transfers
- Grant Deed. Transfers ownership and implies certain promises — that the title hasn’t already been transferred to someone else or been encumbered, except as set out in the Deed.
- Interspousal Transfer Deed. Transfers ownership between spouses, either to add a spouse to title, or to remove a spouse [because of divorce] from title.” This deed contains language that will prevent transfer tax and reassessment of the property tax.
- Quitclaim Deed. Transfers whatever ownership interest a person may have in a property. This type of deed makes no guarantees about the extent of the person’s interest, and it is disfavored by title insurers.
- Trust Transfer Deed. Funding, the process of transferring assets, including any real estate that you own, into a Living Trust, is an indispensible part of establishing a Revocable Living Trust. This Deed is a special Grant Deed that transfers an owner’s interest in real property to his or her Living Trust. This Deed will also remove property from your Trust–many banks require your home to be removed from your Trust in order to do a refinance. California Document Preparers can help remove your property from the Trust, then place it back in after the Refi is complete.
- Revocable Transfer on Death Deed (TOD Deed). Effective January 1, 2016, Jerry Brown signed into California law a new way for real property to be transferred upon a person’s death to avoid probate. The TOD Deed allows a person to leave real property to a designated person or persons, such as a family member, friend, lifelong partner or other loved one, without having to set up a Living Trust
Types of Co-ownership
|Community Property (CP)||CP with Right of Survivorship||Joint Tenancy||Tenancy in Common||Revocable Trust|
|Parties||Husband and Wife or Registered Domestic Partners||Husband and Wife or Registered Domestic Partners||Any number of related or unrelated persons||Any number of individuals||Any individuals or entities|
|Division of Interest||Equal shares||Equal shares||Equal shares||Equal or unequal||Equal or unequal|
|Title||Community ownership||Same as CP but transfer on death title||Joint ownership||Separate proportional ownership||Title held by trust|
|Effect of Death||Decedent’s half can be willed to another person. If not willed away, passes to spouse by petition to court||Not divisible by will. Passes automatically to surviving spouse on death||Decedent’s owner share automatically passes in equal shares to other joint owners.||Decedent owner’s share passes by will or by succession under the Probate Statutes||Dependent on the terms of the trust. The trust does not die when its settler dies|
|Presumption||If no strong evidence to the contrary, all property acquired by husband or wife during marriage is CP.||Deed must specifically state CP with right of Survivorship to get automatic passage to spouse on death||Deed must state that title is joint tenancy||If title is not stated, tenancy in common is presumed, unless CP presumption applies||Trust can only be created by written instrument. Title is held by trustee|
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