If you are thinking about owning real property with someone else, then you need to learn about the three types of joint ownership of property. Luckily, you have come to the right place. Real property is frequently owned jointly by more than one individual. Using Joe and Jane as our fictitious owners, this blog post will provide a concise overview of the three different forms of joint ownership available in the State of Florida.
The Three Types of Joint Ownership of Property
Tenants in Common with Rights of Survivorship or Joint Tenants
If Joe and Jane hold title as “Joe and Jane, as joint tenants with rights of survivorship,” then each of them is the owner of an undivided half interest in the property. In addition to this, the sole proprietorship passes to the survivor if either of them passes away. The sole ownership of the property would be transferred to the surviving joint tenant after recording the deceased tenant’s death certificate. The aim to create a joint tenancy with a right of survivorship needs to be reflected unmistakably in the deed for the relationship to be considered valid, otherwise, Joe and Jane will assume title in the manner described below. The phrase “Joe and Jane, as joint tenants with a right of survivorship” is the one that is recommended to be used. The survivorship provision of the joint tenancy is invalidated if either Joe or Jane conveys their share of the property to a third party.
Tenants in Common
If Joe and Jane hold title just as “Joe and Jane,” then each of them is the owner of an undivided half interest and can freely convey their interest in the property to a third party without the other’s consent. However, when one of the owners passes away, his or her interest in the property goes to his or her estate through the Florida probate process, not to the other tenant in common.
Tenants by the Entirety
Joe and Jane are considered to be tenants by the entirety if they are married at the time that they obtain title to the property. It is relatively easy to demonstrate that a couple is married by presenting evidence such as a deed that states “Joe and Jane, husband and wife” or by presenting additional pieces of evidence. A tenancy by the entirety always includes a provision for survivorship in its terms. Moreover, tenants by the entirety cannot individually transfer their interests in the property to third parties.
When buying property with another person, it is imperative that you pay close attention to the deed at all times. The deed should be written as “joint tenants with a right of survivorship” or “husband and wife” if the intention is for your interest in the subject property to pass on to the other owner in the event you pass away. As explained above, the deed does not need to include any language if you do not want your interest in the property to be transferred to the owner who is still alive when you pass away.
Looking to Purchase Real Property with Someone Else? Attorney Romy B. Jurado Can Help You
Highly skilled and experienced Florida Real Estate Attorney Romy B. Jurado can help you navigate the real estate purchase process from beginning to end, making sure you do not get a single headache during the most critical stages. As explained above, holding title with another individual can have certain disadvantages if your deed does not specify the type of ownership. To make sure no mistakes are made, work with the right lawyer: Romy B. Jurado Esq. Contact Romy today by calling (305) 921-0976 or emailing Romy@juradolawfirm.com.