After July 1, 2001 married couples, and domestic partners owning real property in California can opt to take title in the form of Community Property with Right of Survivorship.
Community Property with Right of Survivorship has the same attributes as the traditional community property form of title but, like joint tenancy, has the additional attribute of the right of survivorship.
When married couples and domestic partners hold title as Community Property with Right of Survivorship , the full interest in the property will vest, by law, in the surviving spouse or partner immediately upon the death of the first individual.
Title insurers will be able to vest title free and clear of the deceased spouse or partner’s interest merely by the recordation of an affidavit similar to the one used to clear the interest of a deceased joint tenant.
The survivorship will, in most instances, avoid the lengthy escrow delays caused by probate proceedings and other legal actions often associated with the traditional community property form of title.
Spouses and partners will also have the ability to unilaterally sever the right of survivorship in the same manner that a joint tenancy is severed. Severance of the right of survivorship may result in the property being vested in the traditional community property form.
For more information, download Ticor’s Right of Survivorship PDF here.
Contact your Ticor Title Sales Executive for further explanation!