Heidi Goodman, Real Estate Student (Not Affiliated Yet)

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Rainmaker
5,764,585
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Heidi,

Everyone has given you good answers, and sometimes the buyers should consult their CPA and attorneys as to what would be best for them financially and from an inheritence standpoint.  A

Nov 24, 2015 07:45 AM
Rainmaker
3,368,106
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is a legal question, i usually give them the choices, explain them to them but let them know they should ask the attorney regarding the legal options of each. 

Nov 24, 2015 09:17 PM
Rainmaker
4,416,512
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Knowledge is one thing. Offering legal advice another.

Nov 24, 2015 08:04 PM
Rainmaker
2,442,558
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

The title company takes care of this in our market.

Nov 24, 2015 12:35 PM
Ambassador
1,569,453
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

I don't give this kind of advice. I always send them to an attorney for this kind of information. That said, I know what the options are. 

Nov 24, 2015 11:56 AM
Ambassador
3,986,910
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is good to know this information but as an agent you shouldn't tread into giving legal advice about how to take title. You can ask questions though and take instruction from the client

Nov 24, 2015 10:35 AM
Rainmaker
924,040
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Do you mean ways to hold title? HUGE. Tax, estate, legal implications. BUT. Outside our scope. We should know what they are in our state. What a consumer should choose is between them and their legal/financial expert.

Nov 24, 2015 08:51 AM
Rainmaker
1,172,514
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

They did not have that question when I took the exam.... Sorry.

 

Nov 24, 2015 08:23 AM
Rainmaker
6,858,203
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The form of ownership should best meet the needs of the purchasers. This varies from state to state.

Nov 24, 2015 07:17 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

You need to know the form of ownership so  you get the right people to sign off on the deed.

Best way to decide ownership depends on state and circumstances of the buyers

Nov 24, 2015 07:14 AM
Ambassador
5,613,349
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Important to know.

Feb 16, 2019 11:04 PM
Rainmaker
11,487
Brian Burrows - (801)920-9343
Equity Real Estate - Solid - Magna, UT
Let me help you buy or sell your home

It sounds like this question was asked while you were probably in school through Agent Professor. The silence of others is funny in this situation. I would deduce that they might agree that knowing about the forms of ownership are important as a real estate agent so they might be able to direct the buyers to the proper professionals.

Aug 24, 2018 04:05 PM
Rainmaker
912,465
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Heidi - I believe types of ownership can vary by state, but here in Arizona, that is determined with the buyer and the title and escrow company. If the buyer has additional questions that title can't answer, I would refer them to their CPA, or a Real Estate Attorney.

It is not for me to decide how a buyer should take title of a property.

Nov 25, 2015 10:56 AM
Rainer
1,685
Marvin Benjamin
M.Builders & Merchant Investment - New York, NY
Real Estate Investor

It's Very Important to Know the Very Different Forms to Real Estate Agents Because They are the One who Speak Directly to customer and Investors Alike Seeking to Purchase Real Estate Etc.  Real Etstae Agents,   An Educated Investor and Real Estate Lawyers are consider Expert on Real Estate Form.   The Best Way to choose a Form Of Ownership would be according to what your trying to purchase /. Own!!

Nov 25, 2015 04:01 AM
Rainmaker
1,659,405
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

The options for the forms of ownership can vary by state, so it should be addressed by a board-certified real estate, or trust attorney in your state. Once you are practicing, be sure to not advise your clients on the best form of ownershipo for them. Instead, refer them to a qualified attorney.

Nov 24, 2015 11:36 PM
Rainmaker
4,212,846
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

We need to know but not recommend.  His/her/their financial advisor is the best source for the answer for a buyer(s) -- each situation is different.  

Nov 24, 2015 11:06 PM
Rainmaker
3,070,584
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Here in Arizona that is a discussion between Title & Escrow and the Buyer, and if the Buyer needs additional information then they are directed as Ron and Alexandra Seigel state.

Nov 24, 2015 10:46 PM
Rainmaker
4,223,498
Richard Weeks
Dallas, TX
REALTOR®, Broker

I understand them because I teach real estate courses.  With that being said I would never tell a buyer how to take title.  I would refer them to a real estate attorney.

For your real estate course If you have a specific question about ownership email me richard@allstarhomegroup.com and I will try to help.

Nov 24, 2015 10:37 PM
Rainmaker
860,815
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It can depend on how the buyers are related. Are they married? Is it an LLc partnership? etc. Joint Tenancy? Tenacy in Common? etc. Buyers should  discuss with title attorney and accountant.

Nov 24, 2015 09:44 PM
Rainmaker
4,335,703
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

You need to have some basic knowledge, but I don't advise clients on this... for me that's a legal issue they need to review with the closing attorney.

Nov 24, 2015 09:33 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

The others have answered the question.

Nov 24, 2015 08:26 PM
Rainmaker
2,488,872
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Heidi. All situations are different, there is no one size fits all. So, the agent or loan officer should be able to assist their client.

Nov 24, 2015 05:31 PM
Rainmaker
2,759,637
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good Wednesday morning Heidi. The week after next, I plan on starting real estate school. I will soon find out.

Nov 24, 2015 05:14 PM
Rainmaker
1,541,948
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I have a great title rep who patiently explained me all and if I have any more questions , I call him or/and send my clients. 

Call a title rep in your area directly and ask to explain you whatever you want to know. I'm sure, they would be happy to. 

Nov 24, 2015 04:05 PM
Rainmaker
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Do you mean the form in how someone wants to take title to the property or how the real estate is held...like is it fee simple, or is there a life estate?

Nov 24, 2015 10:47 AM