Vetoed by Governor Arnold Schwarzenegger

Vote Smart's Synopsis:

Vote to pass a bill that changes the requirements for a transfer of cotenancy interest to constitute a change of ownership.

Highlights:

-Allows a transfer of cotenancy interest in real property from one cotenant to another upon the death of one of the cotenants to not be considered a change in ownership if it involves two joint tenants who together own 100 percent of the real property in joint tenancy or two individuals who together own 100 percent of the real property as tenants in common (Sec. 1). -Specifies that the real property must be the principal residence of both cotenants immediately preceding the transferor cotenant's death (Sec. 1). -Specifies that such a transfer of cotenancy shall take effect pursuant to the transferor cotenant's will, through intestate succession, or by operation of law upon the death of the transferor cotenant (Sec. 1).

Full Bill Text