rebuttable presumption
a gift without the other spouse's permission.
when sale takes place
spouse grant deed
quit claim deed
in essence shows what you get
263
right of survivorship
community property
treaty of guadalupe hidalgo
spanish law
dower and curtsey
fairly recently that california did what some other states have done.
tenancy in the entirety
community prop---can leave yr share to anyone
but cannot give away spouse's portion
cannot give away in
comm law with rt of survivorship
same as joint tenancy
the same feature applies in rt of survivorship
leave yr half to anyone in pure com prop
but with rt of survivorship
goes to spouse
like joint tenancy with rt of survivorship
in order to have tenancy in partnership there must be a valid sharing agreement
people who go into business sometimes do it as a partnership
before 1929
until then partnerships couldnt own real prop
the partnership act of 1929
partnership agreement
author on 264
real agmt need not be in writing
if real estate yes
one that prtnership needs to fil info stmt
but dont get taxed
corporation is a separate legal entity
dual taxation
the limited liability
profits and losses
unlimited liability
losing a million dollars
assets at risk in a partnership
s corporation
partnership has unlimited liability.
in determining if a partnership exists
degree and time
joint venture
short---joint venture
longer-partnership
263 new general partner
LLC
articles of partnership
limited partners have liability limited to the amt of the investment
a california limited partnership in the title
no voice
silent partner
a limited partner
in rather high-risk investment
oil and gas drilling as a silent partner
liability limited to the amount of the investment
comply with the statutory investment
general
today if we went into an oil venture
LLC would be the likely business structure
there are other alternatives that are hybrid
fictitious business name
joint tenancy
community property
right of survivorship
tenancy in common
ReIT
http://en.wikipedia.org/wiki/Real_estate_investment_trust
hybrid trusts
tax reform act of 1986
dual taxation
three martini lunches deductable
piercing the corp veil
toget owners assets
when corp is undercapitalized early on
foreign corp
extra california
domestic if in california
if canadian it is called an alien corporation
subchapter S orgs IRS requirements
unincorporated
rule v. perpetuities
business orgs.
taxes pass thru
pass thru to individual
multiple housing developments
two laws in CA dealing with subdivisions
the subdivided lands act
the CA dept of real estate
has authority
over subdivided lands law
shared units
planned unit dvelopment
own lot in the house
lot
and planned unit development have stricter requirements
when we talk about condominiums
we can get condominiums
the economies of scale
are there with a condominium
what you own is the airspace within yr walls
the developer doesn't want you to alter the walls or windows
so you cant change structural integrity of the bldg
you own in common
in ca
no partnership
not married
own via
tenancy in common
with a condo get a deed to that unit and own the airspace
a stock cooperative more common in east coast
if its a stock co-op
everyone owns it together as a stock coop
only own one twentieth of all units
defaulting on a loan
will hurt others
preceding condo concept.
planned unit development
own lot in fee simple absolute
tenancy in common
same size same location
time shares
somewhat familiar?
can be fee ownership.
watch out
possible that the unit is owned in fee
a leasehold estate
prob when lease expires
fractional ownership
eighties
double digit inflation
cost of hotels and vacations
so then people bought time shares
in other cities to lock in vacation potential
not as popular as they once were
must have sales license to sell time share
not a broker's license.
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