their sole and separate property, the spouse must consent and relinquish all right, title and interest in the property by deed or other written agreement.
Example: John Doe, a married man, as his sole and separate property
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CO-OWNERSHIP
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Community Property:
Property acquired by husband and wife, or either during marriage,
other than by gift, bequest, devise, descent, or as the separate
property of either is presumed community property. Requires
signatures of both spouses to convey or encumber property. Each
spouse holds an undivided ½ interest in the estate and cannot
partition the property by selling his or her interest. However,
each spouse may devise (will) ½ of the community property. Upon
death the estate of the decedent must be “cleared” through
probate, affidavit or adjudication. Both halves of the community
property are entitled to a “stepped up” tax basis as of the date
of death.
Example: John Doe and Mary Doe, husband and wife, as community property
Example: John Doe and Mary Doe, as husband and wife
Example: John Doe, a married man
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Joint Tenancy:
Joint and equal interests in land owned by two or more
individuals created under a single instrument with right of
survivorship.
Example: John Doe and Mary Doe, husband and wife, as joint tenants
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Tenancy in Common:
Under tenancy in common, the co-owners own undivided interests;
but unlike joint tenancy, these interests need not be equal in
quantity and may arise at different times. There is no right of
survivorship; each tenant owns an interest, which on his or her
death vests in his or her heirs or devisee. Each owner has a
separate and distinct interest, which must be shown on the deed
of acquisition. Each owner may deal with their interest without
the consent of the other co-tenants.
Example: John Doe, a single man, as to an undivided ¾ interests,
and George Smith, a single man, as to an undivided ¼ interest,
as tenants in common
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Trust:
Title to real property in Nevada may be held in trust. The trustee of the trust holds title pursuant to the terms of the trust for the benefit of the trustor/beneficiary.
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Community Property with Right of Survivorship:
Community property of husband and wife, when expressly declared
shall upon the death of one of the spouses, pass to the survivor,
without administration, subject to the same procedures as
property held in joint tenancy. Requires signatures of both
spouses to convey or encumber property. Each spouse holds an
undivided ½ interest in the estate and cannot partition the
property by selling his or her interest. Estate passes to
surviving spouse outside of probate, no court action required to
“clear” title upon first death. Both halves of the community
property are entitled to a “stepped up” tax basis as of the date
of death.
Example: John Doe and Mary Doe, husband and wife, as community
property with right of survivorship
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These summaries are a few of the more common ways to take title to real property in Nevada and are provided for informational purposes only. There are significant tax and legal consequences regarding how you take and hold title. We recommend contacting an attorney or CPA for specific advice on how you should actually vest your title.
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