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VOLUME 7 | ISSUE 4
LO C A L L I F E ST Y L E P U B L I C AT I O N
Megan’s Message What’s in a name…the Title, of course! Real estate ownership can take several forms, with each differently impacting ownership transfer, financing, and taxation. Each type of title method has its advantages and disadvantages, depending on one’s particular situation and how one wants ownership to pass in the event of such things as death, divorce, or sale. Let’s discuss some more common ways of holding title:
VOLUME 5
I
ISSUE 5
Spring Announcements! April 2022 - Ongoing Megan’s Moving Box Exchange!
you to those that participated What the heck is happening in San Diego real estate?! Thank in this exchange, it truly was a huge Meet your neighbor success! Due to the tremendous Are homes even selling? Can I even get a loan right now? positive feedback we received we Wendy Reynolds are when some ofmore the questions I get awith daily in decided to continue the exchange. JointThese Tenancy occurs two or people hold title to real estateon jointly equal basis rights We will continue to store and to enjoy the property during their lives. If one partner dies, their rights to ownership pass to the Our spotlight this month is on the midst of our COVID19 shelter in place period. distribute your moving boxes, give surviving Òtenant(s)Ó through a relationship knows as Òright of survivorship.Ó In this case,
Reynolds of Talmadge. me a call today if you would Wendy like to complete ownership can be passed to the surviving owner if one of them passes and avoid benefit to their service!), and if Diego native, Reynolds I amThe here to tell you indeed, homesbetween theand drop off your ßattened boxesAorSan if probate. responsibility for that the property is shared two (or more) thanks tenants, which you like to pick up a few for up in Clairemont, went to means the financial responsibility is equally loans. shared amongst all. Onare the borrowing other hand, this also you $701,500 or would less, which grew arethat selling and people are getting your move! means is to secured restructured in any way, all tenants and puts you inmust the agree conventional financing Mission Bay High School and It’sthat stillifafinancing bit early tobesee any or price participate in the process, once again sharing the responsibility. category, many lenders will still allow you adjustment trends as we tend to measure put estate as little as with 5% down. All loans and that Intrend over a 3–6 month Tenancy Common (TIC) is when two ortime moreframe persons hold titleto to real jointly, equal or unequal of ownership. Brenda, for example,all could have aare 40% not interest in a equal, nor are lenders created and we justpercentages don’t have that hindsight property while Taylor has a 60% interest. Each owner has the right to occupy and use the entire their financing programs. Contact me for as of yet. But I can tell you that I am still property, however. The interest percentage simply determines the financial ownership of the real a referral to a trustworthy lender that can consistently seeing multiple offers on estate. provide you the information you need to properties in San Diego, particularly in the Unlike joint tenancy, tenants in common hold title individually for their the get respective started inportion your of research. $1.2 million range and below with both property and can dispose of or encumber it at will. Ownership can be willed to other parties, and my buyer and seller clients. Of course, in the event of death, ownership will transfer to that owner's heirs undivided. If you would like to explore buying and/ this depends on the location and overall selling this ever changing market, but with an Solepresentation, Ownership is best described asalready ownershipvery by an individual oror entity. The in most common sole ownership is held by single people, or married who hold property apart from at their spouse, give me a call 619.944.2798 or email limited set of housing inventory forpeople buyers along with businesses that have a corporate structure allowing them in or hold interest meto atinvest Megan@MeganB.com. I’d be happy out there to choose from, it’s even tighter in real estate. to discuss with you what sets my service now. Those that can still qualify for a apart fromtransactions the rest! can are able of toholding take advantage of the The loan main advantage the title as a sole owner is the ease with which be accomplished because other party to beof consulted to authorize the still low rates and no achieve theirneeds dream transaction. The obvious disadvantage potential for legal issues regarding the transfer of homeownership, moving up, isorthe downsizing. ownership should the sole owner die or become incapacitated. Unless specific legal documentation, such as a will, exists, the transfer of ownership upon death can become very Loans can be a little tricky these days problematic.
for a primary residence and trickier still
Community is a form of ownership spouses during their marriage that they intend to for an Property investment property. For abyprimary own together. Under community property, each spouse owns (or owes) everything equally, residence loan, with many (but not all) regardless of who earned or spent the money. Thus, each spouse gets an equal division of real lenders, should count onorhaving estate propertyyou in the event of divorce death. at
least 20% down if you are needing to
Community withorthe right ofas survivorship a way for married couples to hold title to borrowproperty $701,501 higher this putsis you property and it allows one spouse's interest in community-property assets to pass probate-free in the “jumbo loan” category. Most lenders to the surviving spouse in the event of death.
are still processing VA loans up to $1 million
down an incredible Real$0 estate also(always can be owned by a Trust, opportunity which owns the properties and is managed by a trustee on behalf of the beneficiaries to the trust. There are many advantages relating to taxation as well as disbursement of assets in an estate that relate to holding title in a Trust. Title to real estate is the method by which ownership is conveyed and transferred during real estate purchases and sales. If you are in a purchase or planning your estate, you will find yourself needing to determine the best method to hold title. Take your time to conduct thorough research to determine the unique differences for each method as it applies to you. I have business relationships with financial planners, estate planning attorneys, and tax attorneys and am happy to refer you to those I have consulted with in the past so you can make the best financial decision for you and your future.
Have questions about real estate? Contact Megan! Megan Beauvais REALTOR® 619.944.2798
attended San Diego State for college, “GO AZTECS!” Along the way Reynolds moved to San Francisco and after 20 years in the Bay Area, she decided she needed a change and made the move back to her hometown of San Diego. After going to area open houses, she came across Talmadge. According to Reynolds, “I loved the friendly neighborhood vibe and all the planned activities. I haven’t seen a neighborhood quite like Talmadge.” In May of 2019, Reynolds made Talmadge her home. A graphic designer for 25 years, she has owned her own design business, Olive Design for 20 years and is currently freelancing. Ultimately, she is looking for a permanent employee position (hint, hint). You can find her online portfolio at wendyreynolds.myportfolio. com. In her free time, Reynolds loves hiking, mountain biking, print making, art shows and happy hour. Her passions include travel, photography and she loves her adorable dog, Diego. If you see them out in the neighborhood, be sure to say hello! Happy to have you here, Wendy!
megan@meganb.com DRE 01426805
Have Questions About Real Estate? Contact Megan!
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.
Megan Beauvais REALTOR¨, GRI, DRE# 01426805 | 619.944.2798 | Megan@MeganB.com | www.MeganB.com
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been veriÞed. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, Þnancial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Home must qualify under Compass Concierge guidelines. Subject to additional terms and conditions.