Temecula's Real Estate Blog

Who Really Owns Your Property? Title, Ownership & Taxes

Every house I sell, the same question always comes up. How should I take title to the property I am buying?

There are so many ways to hold ownership or title to real estate that even real estate professionals get confused.  How you hold the ownership to your property can affect your property taxes, income taxes, inheritance and gift taxes, transferability of title, possible exposure to a creditor’s claims, and even the implication of probate in the event of death.

I advise every client to seek counsel before they decide how to take ownership. Here  are some of the possibilities of how you can hold title to your property:

Sole Ownership:

1. Single Man or Woman—a man or woman who is not legally married or in a registered domestic partnership.
2. Married man or woman as His or Her Sole and Separate Property—A married man or woman who wishes to acquire title in his or her name alone. The title company will make the spouse relinquish their right to the property.

Where Are The Great “Temecula” Real Estate Deals

Real estate is down as much as 52% in some areas of Temeula, but it will go back up.

I get asked this everyday. Everybody wants to steal a house. It is amazing how short our memories are. I was doing some research on market activity for an investor client of mine and I found out some interesting information.

Properties in the city of Temecula are generally selling for 54% of what they sold for in 2006. Murrieta is at 52%, Wildomar is about 48% and Lake Elsinore is about 44%.

For example, I just sold a house here in Temecula in the Wolf Creek Community that is a 2900 ft single story. I just sold this property for 330k. This house was built in 2006 and sold for $549,500. That is a huge discount! Not everyone agrees on what is going on, not even the government nor economists. I personally see the markets in 2009 and going into 2010 as one big ‘half price’ sale.