| When a buyer is purchasing a home in Florida there | | | | Similar to Joint Tenancies is the Tenancy by the |
| are numerous matters to consider prior to closing. One | | | | Entirety which is for married couples who wish to hold |
| extremely important matter which is often not given | | | | a joint title in the name of both spouse. Under a |
| enough consideration is determining how to take title to | | | | Tenancy by the Entirety the property is equally held in |
| the property the buyer is purchasing. Factors such as | | | | the name of both the husband and wife. This title is |
| asset protection, taxation and estate planning needs | | | | applicable and available for married couples only. Both |
| must be considered in determining the best way to | | | | the husband and wife have equal possession rights to |
| take title to the property. Various ways in which a | | | | the property and similar to a Joint Tenancy, when one |
| buyer of a Florida home may take title to property are | | | | spouse dies, his or her share is automatically distributed |
| described below. | | | | to the surviving spouse. |
| Single ownership: | | | | Other forms of ownership: |
| Title to real property can be taken in a person's own | | | | Title to Florida property may also be held in the name |
| name, which is generally referred to as sole ownership. | | | | of a separate legal entity organized under Florida state |
| Unmarried persons, legally divorced persons, and | | | | law such as a corporation or a limited liability company. |
| married persons who wish to hold the property in their | | | | Corporations and limited liability companies can have |
| own names may use this form of ownership. | | | | any number of shareholders or members, respectively, |
| However, if a married person will be taking title in his or | | | | but the rights to the property of individual shareholders |
| her own name, at the time he or she resells the | | | | or members will be limited to the face value of shares |
| property his or her spouse will have to relinquish his or | | | | or membership interests held by them. Additionally, title |
| her rights in the property due to Florida's homestead | | | | to the Florida property may be held in the name of a |
| laws. A person can also take title to the property in the | | | | partnership of two or more persons. If the title is taken |
| name of a living trust which is commonly known as a | | | | in the name of a partnership it will be held in the name |
| revocable inter vivos trust. | | | | of the partnership, with the partners having equal right |
| Joint ownership: | | | | to possession of their respective share in the property. |
| If a person is purchasing the Florida property with other | | | | Finally, the title may also be held in the name of a |
| persons, they can take title to the property as Tenants | | | | Florida Land Trust, in which the legal title of the |
| in Common. As Tenants in Common each joint owner | | | | property is transferred to a trustee for the benefit of |
| of the property has the right to sell, lease or bequeath | | | | the named beneficiaries. Some people prefer to take |
| their interest in the property to his or her legal heirs. In | | | | title in the name of a Florida Land Trust because it |
| Tenancy in Common, any number of individuals can | | | | offers privacy with no one knowing the name of the |
| hold title to their respective share of the property, | | | | beneficial owner of the property or the amount of the |
| depending on their contributions. | | | | purchase price paid for the property. |
| A person purchasing the Florida property with other | | | | The information in this article is of a general nature only |
| persons can also take title to the property as Joint | | | | and is not intended to be relied upon as, nor a |
| Tenants with the right of survivorship. Under Joint | | | | substitute for, specific professional advice. No |
| Tenancy all joint tenants have equal possession rights | | | | responsibility for the loss occasioned to any purpose |
| to their respective share in the property. In addition, due | | | | acting on or refraining from action as a result of any |
| to the right of survivorship which is not present in | | | | material in this publication can be accepted. |
| Tenancies in Common, when a joint tenant dies, by | | | | The hiring of a lawyer is an important decision that |
| operation of law his or her share is automatically | | | | should not be based solely on advertisements. Before |
| distributed among the remaining joint tenants. There | | | | you decide, ask us to send you free written |
| are no restrictions on the number of persons that can | | | | information about our qualifications and experience. |
| be joint tenants under a Joint Tenancy. | | | | |