How to Take Title In Florida

Have you ever thought about how you will own the house you are buying? There are several forms of ownership in Florida and getting it right is important. You can own as a sole owner or joint owners, which are most common. Each has specific benefits and drawbacks.

Sole Ownership

One way to own property, and the simplest form of ownership is sole ownership. It sounds just like it is, one person owns the property. Title is taken in one person’s name. That person can be unmarried, never married or divorced, or married and holding it in one person’s name. If you are married and wanting to title it in your name alone, in Florida the property must be a non-Homestead property. If it’s a Homestead property when the property can be held in one name, but when it is sold your spouse will have to relinquish his or her rights to it. Sole ownership has another drawback in that there is no protection against creditors putting liens against your home.

Joint Ownership

Another form of ownership is joint ownership. There are a few different kinds of joint ownership. One is tenants in common. This form of ownership can have more than two owners, and the amounts of ownership can be different. This form of ownership also has no right of survivorship, meaning if you die your interest in the property goes to your heirs, not the other owner or owners of the property. In Florida, as long as the co-tenants are not married, there is presumption of tenancy in common, unless you can prove otherwise. This has no protection against creditors putting a lien on your interest in the property.

Joint Ownership With The Right Of Survivorship

Another form of joint ownership is joint tenancy with right of survivorship. The ownership of the entire property belongs to both people, but there is an equal ownership right. The right of survivorship means that if one owner dies, the property ownership vests in the surviving owner or owners outside of the dead person’s estate.

Joint Ownership In Tenancy By The Entireties

Another form of joint ownership is tenancy by the entireties. Typically this is how married persons own a property. It is very similar to joint tenancy with right of survivorship, but the interest can’t be severed if one spouse mortgages the property without the other. Most importantly, there is protection for the spouses against creditors, because the only way a creditor can place a lien on the property is if the debt is against both spouses.