WAYS TO HOLD TITLE TO REAL PROPERTY

Advantages and Limitations

Title to real property in Nevada may be held by individuals, either in Sole Ownership or in
Co-Ownership.  Co-ownership of real property occurs when title is held by two or more persons.  
There are several variations as to how title may be held in each type of ownership.

The following brief summaries reference eight of the more common examples of Sole Ownership
and Co-Ownership.

SOLE OWNERSHIP

1.  As a Single Man or Woman
      A man or woman who is not legally married.  Title Example:  John Doe, a single man.

2.  As an Unmarried Man/Woman
      A man or woman, who having been married is now legally divorced.
      Title Example:  Joe Doe, an unmarried man.

3.  A Married Man or Woman, As HIS or HER Sole And Separate Property
     When a married man or woman wishes to acquire title in his or her name alone, the spouse must 
     consent, by quitclaim deed or otherwise, to transfer thereby relinquishing all right title and interest
     in the property.  Title Example:  John Doe, a married man, as his sole and separate property.

CO-OWNERSHIP

1.  Community Property
      Nevada defines community property acquired by husband and wife, or by either.  Real property 
      conveyed to a married man or woman is presumed to be community property, unless otherwise
      stated.  Under community property, both spouses have the right to dispose of one half of the
      community property.  If a spouse does not exercise his or her right to dispose of their one-half
      to someone other than his or her spouse, then that one-half will go to the surviving spouse without
      administration.  If a spouse exercises his or her right to dispose of their one-half, that half is subject
      to administration in the estate.  Title Example #1:  John Doe & Mary Doe, husband and wife.
      Title Example #2:  John Doe, a married man.

2.  Joint Tenancy
      A joint tenancy estate is defined as follows: ‘A joint interest is one owned by two or more persons in
      equal shares, by a title created by a single will or transfer, when expressly declared in the will or
      transfer tote a joint tenancy..’  A chief characteristic of joint tenancy property is the right of
      survivorship.  When a joint tenant dies, title to the property immediately vests in the surviving joint
      tenant(s).  As a consequence, joint tenancy property is not subject to disposition by will.
     Title Example:  John Doe and Mary Doe, husband and wife, as joint tenants

3.  Tenancy In Common
     Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these
      interests need not be equal in quantity or duration, and may arise at different times.  There is no
      right or survivorship; each tenant owns an interest which, on his or her death, vests in his or her
      heirs or devisees.  Title Example:  John Doe, a single man, as to an undivided 3/4ths interest,
      and George Smith, a single man, as to an undivided 1/4th interest, as tenants in common.

4.  Trust
      Title to real property may be held in a title holding trust.  The trust holds legal and equitable title
       to the real estate. The trustee holds title for the trust or beneficiary who retains all of the 
       management rights and responsibilities.  Title Example:  The John Doe Family Trust

5.  Community Property With Right of Survivorship
      Community Property of a husband and wife, when expressly declared in the transfer document
      to be community property with the right of survivorship, and which may be accepted in writing
      on the face of the document by a statement signed or initialed by the grantees, shall, upon the
      death of one of the spouses, pass to the survivor, without administration, subject to the same
      procedures as property held in joint tenancy.  Title Example:  John and Mary Doe, as Husband
      and Wife, Community Property, with Right of Survivorship

The preceding summaries are a few of the more common ways to take title to real property in Nevada
and are provided for informational purposes only.  For a more comprehensive understanding of
the legal and tax consequences, appropriate consultation is recommended.  There are significant tax
and legal consequences on how you hold title.  We strongly suggest contacting an attorney and/or CPA
for specific advise on how you should actually vest your title.