How you take title in your new home is key decision. Unfortunately, in the euphoria of the moment, many new homeowners dont put much thought into it.
Title
When purchasing a new home, you become the title owner of record. Essentially, this means you are listed in public records as the legal owner. This may sound like a simple concept, but how youre classified as an owner can impact legal and tax issues. Here are some issues to consider when taking title.
Single Owner
If you are purchasing the property on your own, there is really only one title choice. Yep, you are going to be listed as the sole owner, to wit, in your own name. If you are investing in rental or commercial properties, you should speak with a lawyer about purchasing the properties through a limited liability company to limit potential liabilities.
Two or More Owners
If youre married, many states require you to take title in a property as community property. In such states, you and a spouse are automatically considered to be joint owners regardless of any other factors. Community property title can have tremendous but macabre tax benefits. If one spouse dies, the living...
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