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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38225
Experience:  17 years real estate, Realtor. Landlord 26 years
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I am getting ready to close escrow on a condo. My husband

Customer Question

I am getting ready to close escrow on a condo. My husband and I will hold title to 75% of the property and my son in law will hold title to 25% of the property. Can we be joint tenancy or does it have to be tenancy in common? What is the best way for us to hold title?
JA: Where is the property located?
Customer: Laguna hills, C
JA: Has any paperwork been filed?
Customer: California. NO we are in escrow now and they are asking us to fill out the papers that state how the title will be donr
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try mybest to help with your situation. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Can we be joint tenancy or does it have to be tenancy in common? What is the best way for us to hold title?

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No, a joint tenancy by its very definition must have equal interests that each owner has. So if you want unequal interests, then you have to have a "tenants in common" designation..

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thanks

Barrister

Customer: replied 5 months ago.
the 3 of us will be tenants in common correct? With my husband and I holding 75% title and my son i law 25%. Is there any other way we can hold title or is this our best option
Expert:  Barrister replied 5 months ago.

So the 3 of us will be tenants in common correct?

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Correct.

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With my husband and I holding 75% title and my son i law 25%.

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Correct again. You and husband could hold title as joint tenants, but your son in law would te a tenant in common with you. So if he passed, his 25% goes into his estate. But if one of you passed, the surviving spouse becomes sole owner as a tenant on common with son in law.

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Is there any other way we can hold title or is this our best option

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No, this is the only option with unequal interests.

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thanks

Barrister