Seana Johnson, Coming back to my roots - renewing RE Lic (AgentProfesor)

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Rainmaker
4,244,493
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I don't determine forms of ownership.   This should be a decision by the client and in California through a review with the title/escrow company along with a discussion with a legal/tax professional.

Dec 03, 2016 01:09 PM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

That choice should be made by the buyers in consultation with a real estate attorney or perhaps also a CPA

Dec 03, 2016 01:07 PM
Ambassador
1,874,886
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

This is not an issue an agent becomes involved in.  Big liability if you decide to go there!

Dec 03, 2016 03:36 PM
Ambassador
3,354,767
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I had a situation once where a newly married couple was buying with their parents...obviously an in-law to another.  When the wife of the couple, who was buying with her inlaws, asked about this, I told her the difference between Joint vs. Tenants in Common was whether or not, if her in-laws died, their ownership interests would pass solely to them, or if they could, for instance, pass to their other child...her sister in law.  

Then I gave her the number to the title attorney and after consulting with her husband and inlaws, they went Joint Tenancy.

All I can do is explain the difference, not choose.  But explaining the difference made the choice an easy one for the client.

Dec 03, 2016 01:08 PM
Rainmaker
5,767,371
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Seana,

Exactly what Michael Jacobs said.  

Dec 03, 2016 01:53 PM
Ambassador
3,145,360
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Michael Jacobs has this one covered very well as does Jeff Dowler who are both in the same state as me - California.

Dec 03, 2016 01:26 PM
Rainmaker
1,346,364
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

As a Realtor, it's not your call, not your business and very much your liability if you get involved in that decision. And what Michael Jacobs and Jeff Dowler said.

Dec 04, 2016 01:37 AM
Ambassador
4,316,065
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Seana Johnson -let attorney explain the buyer about the benefits of different types of ownerships - and let buyer decide about it.

Dec 03, 2016 11:37 PM
Rainmaker
2,008,227
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Oh dear  this question is a huge problem. We don't determiner what is better for our client - ever 

Dec 03, 2016 08:53 PM
Rainmaker
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

This is a discussion your clients should be having with their attorney or accountant. 

Dec 03, 2016 06:51 PM
Rainmaker
843,962
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I don't determine that. It's between buyers, their attorneys and maybe accountants.

Dec 03, 2016 06:30 PM
Ambassador
3,986,960
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is not my decision or responsibility to advise on how to take title. I refer it to an attorney.

Dec 03, 2016 04:06 PM
Rainmaker
1,157,535
FN LN
Toronto, ON

The clients make the decision.  They should consult legal counsel and their tax advisors.

Dec 03, 2016 03:20 PM
Rainmaker
600,047
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

The choice of how to take title should be between the buyer(s) and their attorney or cpa.

Dec 03, 2016 03:14 PM
Rainmaker
868,028
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It depends on the buyers situation, husband and wife will probably hold title differently than an LLC partnership for example. Title attorney will explain it best.

Dec 03, 2016 02:17 PM
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

This kind of advice is better coming from someone with a law degree.

Dec 03, 2016 02:07 PM
Rainmaker
4,326,750
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Not your place to advise..you are not an attorney. They need to speak with a real estate attorney.

Dec 03, 2016 01:54 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

As Jeff Dowler said - that's not something I would be comfortable giving advice about - let your attorney or CPA be your guide!

Dec 03, 2016 01:20 PM
Rainmaker
5,263,222
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Explain both to the buyer(s) and they choose.

Dec 05, 2016 04:23 PM
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

I don't determine how they should take title.  They work with the title agent to determine what is best for them and if they need an attorney's help then we refer them to an attorney.

Dec 04, 2016 03:06 PM
Rainmaker
2,807,184
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

By law, that's not a determination I'm qualified to make - it a client needed advice on it beyond my description of what it is, I'd recommend they seek legal counsel.

Dec 04, 2016 12:42 PM
Rainmaker
1,424,800
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I haven't a clue on the forms of ownership, I transfer everything into my trust.  If someone asks, I tell them to do a call with their accountant, attorney and escrow/title to help determine for their situation.

Dec 04, 2016 10:55 AM
Ambassador
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Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

That is best answered by title representative

Dec 04, 2016 08:08 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is a good subject to discuss with an attorney and/or accountant.

Dec 04, 2016 07:52 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Depends

Dec 04, 2016 07:51 AM
Rainmaker
2,683,682
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

At first glance, you see that taking title is easy but then, why so many ways? That's the thing! There are reasons as to how and why best discussed with a professional like an attorney or CPA even though agents can opinion-ate

Dec 04, 2016 07:26 AM
Rainmaker
914,708
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

This is an IMPORTANT issue.

As I read all the fine print of my state issued real estate sales license, I find no provision for issuing guidance on this matter. I would advise things of such consequence be directed to their attorney or tax consultant. I will suggest scenarios that depict such consequence. Never from my lips will escape the words, "You should......."

If they pick the wrong horse, I may ask, "Who did you consult?"

Dec 04, 2016 07:23 AM
Rainmaker
4,508,482
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Question for an attorney. Offering that advice is the unauthorized practice of law!

Dec 04, 2016 06:07 AM
Rainmaker
4,299,589
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would never tell a client how to take ownership.  Refer them to a real estate attorney or a title company.

Dec 04, 2016 05:40 AM
Rainmaker
3,376,482
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I can tell them what each is, but i do not practice law when questions turn specific based on law. 

Dec 04, 2016 05:40 AM
Rainmaker
1,667,226
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

@Chapter 6, Title, Ownership

Dec 04, 2016 05:39 AM
Rainmaker
5,579,193
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

it would be wise for you to refer those clients to a real estate attorney for guidance....don't wear the legal hat....very dangerous.

Dec 04, 2016 05:22 AM
Rainmaker
3,070,784
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Carol Williams nailed this one!

Dec 04, 2016 04:19 AM
Rainmaker
4,432,119
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ask the settlement/closing attorney. This is a legal issue.

Dec 04, 2016 03:28 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

I make those choices for myself, but never for a client, and the free speech amendment does not protect my right to talk to my clients about it either

Dec 03, 2016 06:11 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The best way depends on who, how many and overall goals at death

Dec 03, 2016 05:02 PM
Rainmaker
6,965,243
Roy Kelley
Retired - Gaithersburg, MD

You choose what is best for the home buyers.

Dec 03, 2016 04:11 PM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

That is a question your clients should pose their attorney and accountant. We should not answer the question, we can only provide the options for ownership, but not recommend.

Dec 03, 2016 04:10 PM
Ambassador
3,943,557
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 Often times the choice is not ours when representing buyers...

Dec 03, 2016 02:44 PM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Seana Johnson I think we should be able to discuss the types of ownership intelligently with a client, but the decision should be the clients after discussing it with their real estate attorney.

Dec 03, 2016 02:00 PM