How is knowing about forms of ownership important as a real estate agent? Who are considered to be experts in real estate forms of ownership? What is the best way to choose a form of ownership?

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Heidi Goodman, Real Estate Student (Not Affiliated Yet)

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Rainmaker
5,772,693

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

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3

Alix Hurtado

North Ogden, UT
Nina Hollander, Broker

Charlotte, NC
Candice A. Donofrio

Fort Mohave, AZ

Rainmaker
3,416,038

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
5,244,251

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
2,443,250

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
1,578,243

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
3,988,013

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
1,057,404

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

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1

Nina Hollander, Broker

Charlotte, NC

Rainmaker
1,242,204

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

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1

Candice A. Donofrio

Fort Mohave, AZ

Rainmaker
7,869,880

Roy Kelley

Retired - 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

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1

Candice A. Donofrio

Fort Mohave, AZ

Rainmaker
3,986,308

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

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1

Candice A. Donofrio

Fort Mohave, AZ

Ambassador
6,423,485

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Important to know.

Feb 16, 2019 11:04 PM

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Rainmaker
979,596

Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - 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

Upvote

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

Upvote

Rainmaker
1,728,667

Sandy Padula & Norm Padula, JD, GRI

HomeSmart Realty West & Florida Realty Investments - , 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

Upvote

Rainmaker
4,583,784

Michael Jacobs

Pasadena, CA

Pasadena And Southern California 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

Upvote

Rainmaker
3,071,489

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

Upvote

Rainmaker
4,905,762

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

Upvote

Rainmaker
913,938

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

Upvote

Rainmaker
5,115,873

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

Upvote

Rainmaker
4,434,177

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

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Rainmaker
2,538,633

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

Upvote

Rainmaker
2,759,862

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

Upvote

Rainmaker
1,625,153

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

Upvote

Rainmaker
2,224,473

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

Upvote

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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
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.
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.
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
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.
They did not have that question when I took the exam.... Sorry.
The form of ownership should best meet the needs of the purchasers. This varies from state to state.
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
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.
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!!
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.
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.
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.
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.
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.
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.
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.
Good Wednesday morning Heidi. The week after next, I plan on starting real estate school. I will soon find out.
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.
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?