Taking title refers to the legal ownership of the property, and there are several ways that Floridians can do this. Each method has its own advantages and disadvantages, so it’s important that you make an informed decision that fits your specific needs and circumstances. At Atlantic Coast Title and Escrow, we’re here to help you explore these options by being transparent about their benefits and potential drawbacks so you can confidently buy your home or property.
Joint Ownership Title Vesting in Florida
Joint ownership of real property can be accomplished through various forms of title vesting, including tenancy in common, joint tenancy with the right of survivorship, and tenancy by entirety.
- Tenancy in common: a form of joint ownership that allows multiple individuals (can be spouses or domestic partners) to own property together, but with distinct shares. Each owner owns a percentage of the property, which can be divided and conveyed without the consent of the other owners. Upon the co-tenants’ death, their interest passes by will to the devisees or, if no will, then their heirs. There are no survivorship rights.
- Joint tenancy with the right of survivorship: allows multiple individuals to jointly own property with an equal share. In the case of joint tenancy with the right of survivorship, ownership interests must be identical and must be obtained at the same time. Upon the joint tenant’s death, the decedent’s interest automatically passes to surviving joint tenants. There is right of survivorship.
- Tenancy by entirety: is a form of joint ownership that is available only to married couples. It allows both spouses to own the property as a single entity, with equal rights to the property. This means that ownership interest cannot be divided, and neither spouse can sell, convey, or mortgage their share of the property without the consent of the other. Upon the spouse’s death, the surviving spouse becomes the sole owner of the property through right of survivorship.
Contact Atlantic Coast Title and Escrow Today
For additional information and guidance concerning titles, tenancy in common, joint tenancy with the right of survivorship, and tenancy by entirety in Florida, contact Atlantic Coast Title and Escrow. We have the experience to help you make the best decision for you and your family when making a real property purchase.