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Hello everybody, thank you for coming to this week's video blog here at California Realty Training. My name, Robert Rico. Has been, will always be Robert Rico. And here to try to get you to be more comfortable and more confident in the real estate field. And to see if we can bring in some new topics. That's important. We don't want to do the same stuff over and over and over again. We want to give those that are entering the real estate world the confidence that you're going to need. The tools you're going to need so you can execute beyond what you ever thought was possible. Got it? Today's topic, ready, here we go. Today's topic is a good one. Today's topic is, death in real estate. Now hold on a minute, it's not what you think it is. It's not death in the property. It's what do we do with ownership of a property when somebody dies. Meaning I own this house, I die, what happens to my property. Who gets possession of the property. Who gets to own the property now that I am gone. Now that's a pretty interesting topic. It can be complicating. We'll try to make it, yes. We're going to try to make it as simple as possible. Got it? Okay, here we go. Let's pump the brakes here and back up a little bit. Got it? Hugely important to make sure you've got a deed. Now a deed is ownership papers to a house. Let's pretend it's a pink slip to a car. All right? The deed is the ownership papers to a house. Got it? Now when somebody buys a house, all right, they're giving what's called a vesting form. And they must fill this out stating, claiming, hey, I want to take the title to this house. I want this deed to have my name on it. Or my name and my wife. Or my name and my brother. No matter what it is, this vesting form, you are going to place the name of the people are going to go on the deed. You with me? Called the vesting form. Now that's happening during the escrow process. Got it? Good. Done. Then we close the deal. This house is now recorded with the county recorder's office. Based on what you gave them here. Remember? The vesting form. So now the deed is created, and it's got your name on it. Now this is the crucial part. How are you taking title to this deed? How is this deed set up? Did you take it, ready here goes. Did you take it sole ownership as one individuaL? Or did you take it as joint ownership? Now that's the part that's huge. That's the part that's important and as to what you put on this deed. This deed, especially how you're taking ownership, will determine what happens to this house when the person, when the owner dies. Got it?...