This is when a title deed is written for real property which is why it is also called taking title. In this process, ownership is described using the name of the owner. If there are multiple owners, the legal relationship between the parties involved must be described and specified as well.
Vesting for Multiple Ownership
There are 3 basic ways that title can be taken.
Everyone considered as joint tenants will have equal interest in a property and equal rights of possession. They must take title on the same deed at exactly the same time.
Tenancy in common
This is the opposite of joint tenancy, where tenants have different interests and rights. Title can be taken at different times.
This applies to the title deed of married persons. Unless specified, even when not stated on the deed, it is assumed that they take title as a community property.
When related to mortgage, vesting refer to the details of a property’s actual ownership, including how it is owned. In a mortgage document, the right to use and occupy the premises for the duration of a mortgage is specified.
Property owners will temporarily relinquish legal estate of the property while the mortgage vesting stands. It is only after the mortgage has been paid off that the right to redeem the property and actual ownership are retained.