Ways To Take Title In Nevada

WAYS TO TAKE TITLE IN NEVADA

COMMUNITY PROPERTY
Requires a valid marriage between two persons.
Each spouse holds one-half interest in the estate.
Title is in the “community”. Each interest is separate but management is unified.
Equal right of possession
Both co-owners must join on the conveyance of real property. Separate interests cannot be conveyed.
Purchaser can only acquire whole title of community, but cannot acquire a part of it.
On co-owners death, ½ belongs to survivor in severalty, ½ goes by will to descendant’s devisees or by succession to survivor.
Co-owner’s interest cannot be seized & sold separately. The whole property may be sold at execution sale to satisfy creditors.

JOINT TENANCY WITH RIGHT OF SURVIVORSHIP
Any number of persons (can be husband and wife)
Each joint tenant holds an equal and undivided interest in the estate, unity of interest.
There is only one title to the whole property
Equal right of possession
Conveyance by one co-owner without the others breaks the joint tenancy, provided its recorded prior to death.
Purchaser will become a tenant in common with the other co-owners in the property.
On co-owner’s death his interest ends and cannot be disposed of by will. Survivorship owns the property by rights of survivorship.
Co-owner’s interest may be sold at execution sale.

COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Requires a valid marriage between two persons.
Each spouse holds one-half interest in the estate.
Title is in the “community”. Each interest is separate but management is unified.
Equal right of possession
Both co-owners must join on the conveyance of real property. Separate interests cannot be conveyed.
Purchaser can only acquire whole title of community, but cannot acquire a part of it
On co-owner’s death, his interest ends and cannot be disposed by will. Estate passes to survivor outside of probate.
Co-owner’s interest cannot be seized & sold separately. The whole property may be sold at execution sale to satisfy creditors.

TENANCY IN COMMON
Parties need not be married; may be more than two tenants in common.
Each tenant in common holds an undivided fractional interest in the estate. Can be disproportionate, e.g.,20% and 80%; 60% and 40%; 20%, 20%, 20% and 40%; etc.
Each co-owner has a separate legal title to his undivided interest.
Equal right to possession
Each co-owner’s interest may be conveyed separately by its owner.
Purchaser will become a tenant in common with the other co-owners in the property
On co-owner’s death, his interest passes by will to his devisees of heir. No right of survivorship. Subject to court approval.
Co-owner’s interest may be sold at execution sale to satisfy creditor. Creditor becomes tenant in common.