Archive for February, 2006

Different ways to take title to Calif Residential Real Estate

Tuesday, February 28th, 2006

TENANCY IN COMMON

JOINT TENANCY

COMMUNITY PROPERTY

COMMUNITY PROPERTY WITH RIGHTS OF SURVIVORSHIP

Parties

Two or more persons’ (may be
spouses or domestic partners`).

Two or more persons’ (may be
spouses or domestic partners’).

Husband and wife or
domestic partners.

Husband and wife or
domestic partners.

Division

Ownership can be divided into
any number of interests, equal
or unequal.

Ownership interests
must be equal.

Ownership interests must
be equal.

Ownership interests must
be equal.

Creation

One or more conveyances
(Law presumes interests are
equal if not otherwise specified).

Single conveyance (creating
identical interests). Vesting must
specify joint tenancy.

Single conveyance or presumption from marriage or domestic
partnership.

Single conveyance and spouses or
domestic partners must indicate
consent which can be on deed.

Possession
and Control

Equal.

Equal.

Equal.

Equal.

Transferability

Each co-owner may transfer
or mortgage their
interest separately.’

Each co-owner may transfer
his/her interest separately but
tenancy in common results;

Both spouses or domestic
partners must consent to transfer
or mortgage.

Both spouses or domestic
partners must consent to transfer
or mortgage.

Liens Against One Owner

Unless married or domestic partners, co-owner’s interest not subject to liens of other debtor/ owner but forced sale can occur.’

Co-owner’s interest not subject to liens of other debtor/owner but forced sale can occur if prior to co-owner’s/debtor’s debt

Entire property subject to forced sale to satisfy debt of either spouse or domestic partner.

Entire property subject to forced sale to satisfy debt of either spouse or domestic partner.

.

Death of Co-Owner

Decedent’s interest passes to his/her heirs by will or intestacy.

Decedent’s interest automatically passes to surviving joint tenant (Right of Survivorship).

Deceased’s 1/2 interest passes to surviving spouse or domestic partner unless otherwise devised by will.

Deceased’s 1/2 interest auto-­ matically passes to surviving spouse or domestic partner due to Right of Survivorship.

Possible Advantages/ Disadvantages

Co-owner interests may be separately transferable.

Right of Survivorship (avoids probate). May have tax disadvantages for spouses

Qualified survivorship rights. Mutual consent required for transfer. Surviving spouse or domestic partner’ may have tax advantage.

Right of Survivorship. Mutual consent required for transfer. Surviving spouse or domestic partner may have tax advantage.

Information from First American Title Company.  Provided for information only, you should consult with an attorney and Certified Public Accountant prior to taking or changing title on real property.

 

 

 

Holding Title

Tuesday, February 28th, 2006
TENANCY IN
COMMON
JOINT TENANCY COMMUNITY
PROPERTY
COMMUNITY PROPERTY
WITH RIGHTS OF
SURVIVORSHIP
Parties Two or more persons’ (may be
spouses or domestic partners`).
Two or more persons’ (may be
spouses or domestic partners’).
Husband and wife or
domestic partners.
Husband and wife or
domestic partners.
Division Ownership can be divided into
any number of interests, equal
or unequal.
Ownership interests
must be equal.
Ownership interests must
be equal.
Ownership interests must
be equal.
Creation One or more conveyances
(Law presumes interests are
equal if not otherwise specified).
Single conveyance (creating
identical interests). Vesting must
specify joint tenancy.
Single conveyance or presumption from marriage or domestic
partnership.
Single conveyance and spouses or
domestic partners must indicate
consent which can be on deed.
Possession
and Control
Equal. Equal. Equal. Equal.
Transferability Each co-owner may transfer
or mortgage their
interest separately.’
Each co-owner may transfer
his/her interest separately but
tenancy in common results;
Both spouses or domestic
partners must consent to transfer
or mortgage.
Both spouses or domestic
partners must consent to transfer
or mortgage.
Liens Against One Owner Unless married or domestic partners, co-owner’s interest not subject to liens of other debtor/ owner but forced sale can occur.’ Co-owner’s interest not subject to liens of other debtor/owner but forced sale can occur if prior to co-owner’s/debtor’s debt Entire property subject to forced sale to satisfy debt of either spouse or domestic partner. Entire property subject to forced sale to satisfy debt of either spouse or domestic partner.
.
Death of Co-Owner Decedent’s interest passes to his/her heirs by will or intestacy. Decedent’s interest automatically passes to surviving joint tenant (Right of Survivorship). Deceased’s 1/2 interest passes to surviving spouse or domestic partner unless otherwise devised by will. Deceased’s 1/2 interest auto-­ matically passes to surviving spouse or domestic partner due to Right of Survivorship.
Possible Advantages/ Disadvantages Co-owner interests may be separately transferable. Right of Survivorship (avoids probate). May have tax disadvantages for spouses Qualified survivorship rights. Mutual consent required for transfer. Surviving spouse or domestic partner’ may have tax advantage. Right of Survivorship. Mutual consent required for transfer. Surviving spouse or domestic partner may have tax advantage.
.

How hot is the Marin County Real Estate market?

Monday, February 27th, 2006

We all see the newspaper headline with tidbits on how the Marin County Real Estate market is doing.  Much of what is published in newsprint is compiled from DataQuick, a company that provides real estate data.
While their information is considered accurate, you may not realize it often trails the market by several months.  The sales price figures usually reflect a home that was on the market for several weeks then in escrow for up to a month or longer.Ľbr /> In an earlier article I mentioned that one method of determining how “hot” the market is uses the percent of homes in MLS that are in escrow. The larger the percent of homes in escrow the hotter the market.
At the recent peak in December 2005, 58% of homes were in escrow. That number bottomed at 25% in January 2006 and has been inching up to its current 34%. So the market is picking up and interest rates are going up so if you are considering buying this may be the time.

Homes with multiple offers!

Wednesday, February 22nd, 2006

We read that the market has changed and it is almost a buyer’s market.  Well that may be true for much of the Marin Real Estate market but there are exceptions.  For example this link takes you to two homes, 18 Amberwood Lane, San Anselmo and 20 Buena Vista Avenue, Corte Madera which received 12 and 5 offers respectively.

http://norcalmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Bareis&PRGNAME=MLSLogin&ARGUMENT=yuE7FjwhVhEicWvUNeeGow%3D%3D
 

The Buena Vista home was staged, in a nice neighborhood and very cute.  The Amberwood Lane home needs TLC but has a great view and fantastic potential.  So for these homes it still is a sellers market.
 Other specific neighborhoods and price ranges such as San Rafael between $800,000 and $1,000,000 still favor sellers.
 We can find deal with home that have been on the market too long or with motivated sellers.  Give me a call if you would like to know more.
 Warren Carreiro
415-846-7286

Should you stage your home?

Tuesday, February 21st, 2006

Staging a home for sale can mean anything from flowers on your walkway to completely furnishing and painting your home.  The cost can be as low as a few hundred dollars to ten thousand or more for complete furnishing for several months.
 Does it pay back to go all out when staging a home?  It may if your home is vacant or if your furniture is out of date or too unique.  Often all that is necessary is packing away the clutter, rearranging your furniture and perhaps adding a few pieces of staged furniture and possibly paint.  Most of the time I recommend we have a stager come to your home to give us ideas on what can be done with the furniture you have and paint colors if re-painting is considered.
 Staged homes can and do sell for more just do not get carried away on the cost.
 

Fighting Mold

Tuesday, February 21st, 2006

Mold in households can be a health hazard for individuals and a goldmine for attorneys.  Most real estate disclosure forms suggest that buyers test for mold when purchasing a home.  According to a flyer produced by the City of San Rafael…”molds are not always easy to recognize. They often look like a simple stain, smudge or discoloration. Sometimes they give off a musty or earthly odor, or smell faintly like alcohol…
Chlorine bleach is the only product that kills molds on contact.  Remember that bleach is a strong chemical that should be handled carefully.”  Please contact me if you want the names of companies that test for mold or if you would like a full copy of the City of San Rafael brochure on mold.
Warren Carreiro
warren@TheMarinRealtor.com

Homeowner Insurance Claims

Monday, February 13th, 2006

When you make an offer to purchase a home, insurance should be on your list of due diligence as you order inspections.  Homeowners insurance claims tend to “stay” with the home when they transfer owners.  The claims of a prior owner can affect your ability to purchase insurance at a reasonable cost.  The history of a homeowner’s  insurance claims are available to insurers from a database known as the Clue Report.  Be sure the sellers disclose to you any claims that have been made on their policy.
 

A few of the other items that affect the cost and availability of insurance are hillsides, flood zones, and high fire brush zones.
 

The bottom line is check with your insurance agent before you remove your inspection contingency
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