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13 December, 2017

Joint Tenants with Right of Survivorship: Joint tenancy is an equal interest with the RIGHT OF SURVIVORSHIP. Each party has an automatic equal interest in the property, with the right of survivorship passing to the other(s). In the event of the death of one party, the survivor(s) sign a Bill of Sale and present a certified copy of the death certificate. More click here

Husband and Wife as Community Property: usually used by husband and wife in HIGH INCOME/ASSET OR MULTIPLE PROPERTY OWNERSHIP RANGE. There may be certain tax advantages with inheritance taxes, which may be beneficial. Parties taking title this way should have made wills and should have the advice of their attorney/CPA. As between husband and wife only, percentage of interest is assumed to be equal.

Husband and Wife as Community Property with Right of Survivorship: combines both Husband and Wife as Community Property and Joint Tenants with Right of Survivorship.

Tenants in Common: Equal or unequal division of interest between two or more people. The percentage each person (or each couple) holds MUST BE SET OUT. Each interest is separate - NO RIGHT OF SURVIVORSHIP. On death of co-owner, interest passes by will to his devisees or his heirs. More click here.

Partnership: A partnership meets citizenship requirements if all its general partners are citizens, and, for the purpose of obtaining a Recreational or Registry endorsement at least 50% of the equity interest in the partnership is owned by citizens.

Trust: All trustees, trustors and beneficiaries must be U.S. Citizens.

Association or Joint Venture: Meets the citizenship requirements if all members are U.S. Citizens.

Tenants by the Entirey: Allows married couples to own property as "tenants by the entirety", a type of joint ownership that offers protection from creditors. For a list of states that allow ownership of this type click here.

A U.S. Corporation: All officers, directors and controlling interest must be U.S. Citizens. No more of its directors are non-citizens than a minority of the number necessary to constitute a Quorum. Note: Applies to Recreational Endorsement.

Limited Liability Company: All Members must be U.S. Citizens.
NOTE: The manner of taking title may have significant legal and/or tax consequences. If you have any questions regarding your vested interest, you should contact an attorney PRIOR to closing document preparation, and PRIOR to lender approval if financing.

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