Common Ways To Hold Title In Nevada

Note: It will be less of a burden for some (like me) in understanding the article below if we start with this one:  How You Take Title.

 

	Tenancy In    Common	Joint Tenancy with Right of Survivorship	Community Property	Community Property with Right of Survivorship
Parties	Any Number of persons. Can be     Husband & Wife	Any number of persons. Can be Husband & Wife	Husband & Wife,Only.	Husband & Wife,only. Two persons per marital community
Division	Ownership can be divided into any number of interests. Does not have to be equal.	Ownership interests must be equal.	Ownership interests must be equal.	Ownership interests must be equal.
Title	Each owner has a separate legal title to his undivided interest.	There is only one title to the whole property.	Title is in the "community." Each interest in separate but manages unified.	Title is in the "community." Each interest in separate but manages unified.
Possession	Equal rights of possession.	Equal rights of possession.	Equal rights of possession.	Equal rights of possession.
Conveyance	Each co-owner's interest may be conveyed separately by its owner.	Conveyance by one co-owner without the other breaks the joint tenancy. Must be recorded before death of any tenant.	Both co-owners must join on the conveyance of the real property. Separate interests cannot be conveyed.	Both co-owners must join on the conveyance of the real property. Separate interests cannot be conveyed.
Purchaser's Status	Purchaser will become a tenant in common with the other co-owners of the property.	Purchaser will become a tenant in common with the other co-owners of the property.	Purchaser can only acquire whole title of community. Cannot acquire a part of it.	Purchaser can only acquire whole title of community. Cannot acquire a part of it.
Death	On co-owner's death, the deceased's interest passes by will to the devisees of heir. No right of survivorship. Subject to court approval.	On co-owner's death, the deceased's interest ends and cannot be disposed of by will. Survivor owns the property by right of survivorship.	On co-owner's death, one half belongs to survivor in severalty. One half goes by will to descendant's devisees or by succession to survivor.	On co-owner's death, the deceased's interest ends and cannot be disposed of by will. Estate passes to survivor outside of probate.
Creditor's Rights	Co-owner's interest may be sold at execution sale to satisfy creditor. Creditor becomes tenant in common.	Co-owner's interest may be sold at execution sale to satisfy creditor. Joint tenancy is broken; creditor is then tenant in common.	Co-owner's interest cannot be seized and sold separately. The entire property may be sold at execution sale to satisfy creditors.	Co-owner's interest cannot be seized and sold separately. The entire property may be sold at execution sale to satisfy creditors.

Additional Links:

• Title: Can't Own A Home Without It
• How To Take Title

* Information provided by First Centennial Title Co. of Nevada.

Comments

[Javier]

It was pretty heavy stuff for my brain. But better than nothing. It'll sink in.

thanks for the post.

[Ian Mariano]

Javier,

Welcome to the club man.