There are four ways to take ownership of a residential property in California. They are outlined below:

• Joint tenancy with right of survivorship: Considered the best way to hold property for two or more people who may or may not be married or in the same family. Each person holds an undivided interest of the property. All parties in a joint tenancy take title at the same time in the same legal documents. Upon death of one of the co-owners, the deceased owners’ share is given to the remaining owners in equal shares.
• Tenancy by entireties: Used strictly for husbands and wives to each hold an undivided share of the property, which cannot be taken by the individual’s creditors. Even in states where this is allowed, many lenders do not write a mortgage using this method of title because it may be harder to foreclose on the property if there is a default.
• Tenancy in common: Holding the tile by two or more people in equal or unequal shares. It allows an owner to sell his or her share to another without the permission of the other co-owner. Upon death the deceased co-owner’s share will pass through his or her will, not necessarily to the other co-owner(s).
• Sole ownership: The way a single person holds the title to his or her own home. In the majority of the states, a married person must provide a legal document form his or her spouse that specifically gives up legal right to this property in order to hold property as a sole owner. In community property states any real estate conveyed to a married person during that marriage is deemed to belong to both spouses without certain legal disclaimers.

Only your attorney will know what options are available in your state and which one fits your situation. I strongly recommend you consult with him or her before making a final decision on how to hold title on your property.