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How to Take Real Estate Title in Florida

21 Dec 2016

Tips on How to take Florida Real Estate Title

 

Buying a home is a great investment that requires careful planning and consideration. One of the most important aspect you will need to consider as a homebuyer is the terms under which you will own the property. Each form of ownership has drawbacks and benefits, but it is only possible to ascertain the levels by taking into account issues to do with tax liability, estate planning and insurance. The various forms of title to property available for Florida homeowners are discussed below;

 

Sole ownership

This form of title to property refers to cases where the property is taken in an individual’s own name. Sole ownership is common with the unmarried and legally divorced, but an individual who is married but wishes to have their names on the title documents can use this form of ownership. In the case of a married sole owner, the law of Florida requires that the spouse to the owner formally relinquishes their right to the said property or if the property were to benefit from a homestead exemption, to sign the transfer deed.

 

Joint ownership

This form of ownership exists when two or more people buy a Florida property together. As tenants in common, every person who is listed as part owner can lease, transfer ownership of their interest and even sell the property. There is no limit to the number of people who can be party to this form of title ownership provided that each holds the title equivalent to amount of shares they hold.

 

Joint tenancy can also include the right of survivorship, and the terms of the ownership is that they all own the property proportionately to the amount of shares they have.  If a joint tenant dies without having transferred their interest in the property, the shares they held will be distributed amongst the surviving members.

 

Tenancy by entirety applies in the case of a married couple that wishes to have the title to property in the names of both of them. Both spouses have equal possession rights to the property and when one dies, their shares are automatically transferred to the surviving partner. The major advantage of owning a house under the tenancy by entirety title is the protection it accords the asset in the event that one souse has been sued by a creditor. Unlike joint tenancy and joint tenancy with right of survivorship, where any of the owners can sell or dispose property with the consent of the others, tenancy by the entirety dictates that both parties consent to any move regarding sale or transfer of interest in the property.

 

Ownership through an entity

If all the parties interested in owning a certain property are still members of the same legal entity such as a limited liability company or corporation they may choose not to include their names in the title of ownership document but instead, list the name of the separate entity. Ownership of the property will be equivalent to the proportion of shares held by each member. The real estate title can under this type of hold be awarded to a partnership of at least two people. This type of title hold is a good means of protecting property and especially that which is meant for inheritance so that legal battles do not cause it to be reclaimed, transferred or auctioned.

 

Ownership through land trust

Property may in certain circumstances be held in trust where the name of the trustee is listed on the title document but is in fact for the benefit of other people. It is not possible to find out the actual owner of the property and its actual value. This form of title hold is common in the case of property inheritance where the heirs are still below legal age.

 

Another popular way of taking a Florida real estate title is to form a family LLC which can then be used to hold the title. This is especially useful in cases where there is uncertainty where creditor protection is concerned.

 

Title ownership by joint tenancy is quite popular in commercial establishments but to be certain you are taking the right option for your circumstances, consult with Marina Titles Company for their expertise, experience and professionalism.

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