Purchasing a property, has anyone discussed these options with you?
The more common ways of vesting title in the state of Florida include but must be limited to only one of the following vesting descriptions:
Â Please read the vesting and descriptions below and if you still have questions regarding how it would be best to have the title to your property vested you shouldÂ contact your attorney for advice.
1) Â Husband and Wife: With each owning one-half. Neither spouse can sell the property without the consent of the other. Upon death the decedentâ€™s interest passes to the spouse. Words in the deed such as "John and Mary Smith, husband and wife.
2) Â Sole Ownership: Owned entirely by one person. Words in the deed such as "John Smith, a single man" establishes title as sole ownership.
3) Â Tenants in Common: Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common. Words in the deed such as John Smith, a single man and Peter Jones, a single man, as tenants in common.
4) Â Tenants in Common as to an undivided interest: The fractional interests may be unequal. Each co-tenant may sell, lease or will to his/her heir that share of the property belonging to him/her. For example: John Smith, a single man, as to an undivided 3â„4 interest, and Mary Jones, a single woman, as to an undivided 1â„4 interest, as tenants in common.
5) Â Joint Tenants with rights of survivorship: Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) Words in the deed such as "John Smith, a married/single man and Peter Jones, a married/single man, as joint tenants with right of survivorship.Â
Debra McAlister-Brown, P.A., CDPE, SFR, RSPS, PMN, WCR, CIPS, CREN
International Luxury Home Marketing Specialist
Florida Home Realty
1-888-943-4452Â - Fax