OR 4.0 hours Valuation, Marketing, and Listings Course Syllabus
4.0 Elective Hours.
It is important to determine who has the title to property for many reasons. One of the most important reasons is to make sure that all owners have consented to and signed the Listing Agreement.
Information on who holds title can be obtained from the last recorded deed or a preliminary title report both of which are available through a title company. You may also acquire information on who holds title from the tax records at the tax assessor’s office.
There are many ways in which people can hold title to real property which is called title vesting and this varies from state to state. Some of the more common ways of holding title are Sole Ownership, Joint Tenancy and Community Property (for married persons only).
Sole Ownership is when only one person holds interest in a property. Joint Tenancy can be a number of people all with equal interest in the property. A partnership can be between related and non-related person and their agreement sets the guidelines for the property. Tenancy in Common may be held with a number of people and divided into equal or non-equal shares.
This course provides understanding into the methods of determining title, some less familiar ways to hold title, and the implications for each. It is a great review for real estate professionals.