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Updated over 4 years ago,
Exchange- Joint tenants to community tenants wros vesting change?
We are closing on our replacement properties of a 1031 Exchange. In the relinquished property our vesting was as joint tenants (we were young and newly wed and did not understand the differences). Many decades later we sell that property via a 1031 exchange and buy four new rental properties.
Our intent was for the new properties to be vested as community tenants with right of survivorship. Two of the escrows are okay with this, one says it is up to us, and the forth will not do it and is telling us that it has to match exactly as vested in the relinquished property. I am finding same tax payer rules but not sure how it applies to this situation, where we are still the same husband and wife but instead of vested as joint tenants, we would like our new properties vesting to be as community property with right of survivorship. We live in California.
Is there a way to do this? And if not, would we be able to change the vesting after closing or would we need to continue to hold title in the same way?
Thank you for reading and looking forward to reading your responses.