Common Title Types in Florida

You’re about to close on your new home, but before you need to figure out how you’ll hold the title to your new home. There are several options if you’d like to narrow them down this is what they are:

• Sole Ownership
  • This means that the title is held solely under one name. If the sole owner dies any property held under sole ownership is subject to probate court proceedings, which are lengthy and costly.
• Married Couple
  • Each spouse owns an equal portion of the property for as long as both are alive and legally married. Gives protection to each spouse in the event that a judgment is passed against one spouse, it doesn’t attach to the property of both.
• Joint Tenancy with Rights of Survivorship
  • Each tenant owns an undivided share of the property and must take ownership at the same time. Each tenant will have a right of survivorship, their share will transfer to the surviving tenant. This title category also allows the surviving tenants to avoid probate expenses and delays, they just have to record an affidavit and present the certificate of death.
• Tenancy In Common
  • When there are two or more buyers, these individuals can decide to hold title as tenancy in common, a popular title for people who are unmarried or are investors. Each individual owns a certain part of the property, typically equal shares and the property will be subject to probate court, as in the event of a death the property does not pass to survivors.

That was a lot, and it’s a good idea to really think about what type of title is your best option. If you need any assistance in this search or have any questions about your title, Gables Title Group is ready to be at your side from contract to closing.