How to take title when buying Las Vegas Real Estate

After writing this newsletter every week for the last six years, you?d think I?d run out of subjects, wouldn?t you?? I began writing yesterday and was sharing my thoughts on coffee machines and outstanding customer service.? Then the phone rang.

It was a young man in a bind.? He was working with a real estate agent to help him secure a rental in a high-rise building on the Strip.? He said he had ?a bad feeling? about this person but kept working with them.? He flew in to Vegas with one purpose, to secure a condo, as he would be starting his job here in?ten days.

Long story short, the agent ditched him.? His flight leaves on Sunday morning at 11am and he has to find a place today.? It?s 2:45pm on Saturday.

He actually spoke to one of my agents first, who told him to call me.? If you go back to my article from three weeks ago, this is almost exactly the scenario I described.? Folks need help immediately and fulfilling that wish is difficult to do.? It all worked out, thanks to our team pulling together instantly.

Seeing high-rise condos are hard to do ?on demand? due to occupancy, availability of the agent, etc.? We found three listings that fit our new client?s needs perfectly and while our agent, John, was in transit to pick?the client?up and show the units, I drove to a listing agent?s office to get a spare key for one of the listings and then meet John.? It was ?Mission Impossible: Vegas Style.?? By 6:30pm, this young man had three viable choices and his trip was a success.

Is this an unusual occurrence?? Hardly, it happens all the time.? It just amazes me that these last minute calls come to us so often.

So my article on outstanding customer service got derailed ? or did it?? Actually, if you?ve got a few minutes and want to read what I originally wrote ? click HERE.

Last week, I began telling you about the ?bundle of rights? that every property owner has.? Today we?ll talk about ?the right of possession.?

There are four ways to take title in Nevada.? The first two require you to be married ? ?community property? and ?community property with rights of survivorship.?? The other two ways do not require the owners to be married ? these options are ?joint tenants with rights of survivorship? and ?tenants in common.?

If you take title with ?rights of survivorship? ? the person who dies first automatically ?leaves? their portion to the surviving party.? It doesn?t matter if there?s a will or what it says.

For ?community property? and for ?tenants in common? ? when one party dies, their will determines who gets their share.? For this reason, it is extremely important to have a will and keep it updated, if you take title this way.

Here?s where it gets tricky.? Let?s say a married couple buys a property and takes title as ?joint tenants with rights of survivorship.?? This was a second marriage and the husband has kids from his first wife.? The husband says, ?I?m not feeling well, I want to make sure that if I die, my kids get half the property.?? He can convey his half to his children, before his death.

This action breaks the joint tenancy and now turns the ownership into a ?tenancy in common.?? Tricky, isn?t it?? Now the wife is half owner with her stepchildren and there?s no choice in the matter.? Moving forward they?re all decision-makers in the process.

Domestic partners who don?t have a will may want to take title as joint tenants with rights of survivorship.? However, if wills have been written, then tenants in common is another viable choice.? It?s always best to consult an attorney for more complicated situations.

As you can see, this is a choice you want to make carefully, depending on your particular circumstances.? To see the different choices for taking title, click HERE.

Have a great week!

?

Mark Karten is a Las Vegas Realtor who specializes in listing and selling homes in Las Vegas, North Las Vegas and Henderson. If your home is ?upside down? ? learn more about your choices before you think of walking away ? a short sale might be the right option.

Source: http://tkglasvegas.com/blog/how-to-take-title-when-buying-las-vegas-real-estate/

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