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The title of a property defines the extent of your ownership interest. There are several different types of titles in Coral Gables, and anyone buying or selling property should be aware of what the different titles mean.
Contact Jacqueline A. Salcines, P.A., if you have questions about titling property. Our knowledgeable title and deed attorney could answer all your questions and advise you on the title that is most likely to meet your needs.
Different forms of property ownership allow the owners varying rights. It is important for anyone buying property to understand the differences, especially when they will be sharing ownership with one or more people.
Sole ownership means that the title to real estate is in one individual’s name. Single people may hold real estate as sole owners.
Married people may hold investment property as sole owners. However, their spouse must sign a quitclaim deed giving up any right to the property. In most circumstances, a married person should not seek sole ownership because it does not provide tax benefits, and the property is subject to probate if the owner dies.
Two or more people who are not married to each other may hold property as tenants in common. Each owner has a partial interest in the property, which is specified in the deed. Tenants in common may have unequal ownership shares.
The partial interest can be passed through a will from the owner to an heir. However, the transfer must go through probate before it becomes effective.
When two or more people have equal shares in a property and acquire their interest at the same time, they can hold title as joint tenants. Joint tenants can transfer their interest in a property to an heir. Like tenancies in common, the transfer must go through probate.
Florida Statutes §689.15 allows joint tenancy with the right of survivorship. An attorney must draft a deed specifically conveying a title that includes the right of survivorship.
This form of ownership is often used by family members, such as parents and children or siblings, to keep a property in the family and avoid probate. When one joint tenant dies, the remaining joint tenant or tenants assume the deceased person’s interest in the property, and there is no need for the property to pass through probate.
Married couples are tenants by the entirety. As long as the marriage exists, both spouses have full rights to the property. If one spouse dies while the couple is married, the other spouse assumes a sole ownership interest without the need for the property to go through probate. If the couple divorces, each spouse owns a half share of the property.
During a consultation in Coral Gables, attorney Jacqueline Salcines could help you understand the nuances of these types of titles.
The differences in the types of titles are fairly straightforward. However, recognizing each type’s practical advantages and disadvantages requires skill and experience.
For example, a business may own property with the business as the sole owner. Alternatively, the owners or partners in the business may own it as tenants in common, joint tenants, or joint tenants with the right of survivorship. The right form will depend on the owners’ personal and business needs.
Talking through how various scenarios might play out under different forms of ownership is essential. A skilled attorney in Coral Gables could assess a prospective property owner’s needs and goals to identify the type of title that will best suit their intentions.
The way you choose to structure ownership of property has broader implications that you may not realize. With several types of titles in Coral Gables to choose from, making the right choice is critical.
Choosing the right form of ownership to help you achieve your goals requires a deep knowledge of business and tax issues, in addition to real estate law. Don’t go it alone. Speak with us today to ensure you select the right title for you.
Jacqueline A. Salcines
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