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It is easy to assume that when a person owns a piece of real estate, they have the sole authority to use and sell that property when they see fit. However, registering for a title with the Recorder of Deeds is not a one-size-fits-all prospect.
Florida laws allow for many different ways to hold title on a piece of residential or commercial real estate. This applies to single individuals purchasing land, married people looking to share ownership, and even companies acquiring property as an investment. Having a sound understanding of the types of titles in Plantation can help you make the right choices for both the present and future. A seasoned title and deed attorney at All Florida Real Estate Lawyers is ready to help you choose the type of title that works best for you.
Many examples of titles in Plantation involve an individual or company purchasing land for their exclusive use and ownership. When this is the case, we call these titles examples of sole ownership.
Under a sole ownership title, the named party has total control and ownership of the property in question. This includes the right to lease the property to others, take out loans against the value of the property, and sell it to others when the time comes.
While this is the only option for single individuals purchasing land, it is not uncommon for married couples to acquire land but place it in the sole ownership of one person. While this can significantly simplify the future transfer of ownership, it does create potential complications when forming an estate plan. An attorney can provide more information about the benefits and drawbacks of sole ownership.
It is possible for two parties to share ownership over a single piece of land. This can apply whether the two people are married or not. The purpose of these titles is to allow for a smoother transfer in the event of one owner’s death.
When the two people are married, tenancy by the entirety is the most appropriate option. Here, the two people hold an equal and identical interest in the land. If one person dies, the full ownership of the property passes to the other without probate.
The other options are applicable when the two people are not married. One choice is to create a tenancy in common. Here, the two people share ownership but not necessarily in equal portions. There is no right to survivorship in this arrangement, and the owners may choose any party they wish to take ownership of their portion upon their death.
Individuals can also create a joint tenancy with the rights of survivorship. Similarly to tenancy by the entirety, the owners all take an equal share in the property, and when one dies, the other takes full possession without the need for probate. The All Florida Real Estate Lawyers can provide further information about the types of titles in Plantation.
An essential part of taking possession of a new piece of property is choosing the proper form of title. For unmarried individuals, the right choice may be sole ownership. However, people with spouses or close family members may want to consider some form of joint ownership.
Our attorneys are ready to explain your options concerning the types of titles in Plantation. We can then draft title documents that clarify your choice and protect your legal rights. Speak with us now to get started.
