By Cozette Vergari
How you hold title to your real property is critical. There are several options one can choose from, when deciding how title should be vested, with each option having its own serious legal and tax ramifications. When purchasing real property, the buyer(s) should consult with a trust and estates attorney at the beginning of the escrow process. The grant deed prepared during escrow, transferring ownership from the seller(s) to the buyer(s), should be reviewed by that attorney, prior to execution, to insure title is being vested properly. The individual facts and circumstances relating to the buyer(s) estate will dictate the appropriate way to vest title. If you have already purchased real property, without seeking legal advice, this issue may still be reviewed by a trusts and estates attorney. If necessary, title can be changed through a new deed, transferring ownership into the proper vesting of title.
Cozette Vergari is an attorney in the Los Angeles area with an active Family Law practice since 1996. She has litigated and mediated in hundreds of family law cases and have frequently served as a court-appointed minors counsel. She is a member of A Better Divorce Group and has been active in the Collaborative Divorce movement since 2003. Learn more about Cozette on her website or her blog.