Holding Title: Pros and Cons

There’s always a silver lining, especially when it comes to the ownership of your dream castle. With all the ways that you can be the king, or queen, of your castle it’s good to go into this chapter of your life being clear on what exactly that means. We’ll go through a few of these ways below.

To start you can be the sole owner, meaning that only one person holds title to the property in their name. The downside here is that if you are delinquent with a creditor, they can levy on the title holder’s interest to repay a debt, unless it’s the owner’s “homestead”, as in Florida law, which doesn’t allow creditors to levy or pass a judgment on a person’s principal residence, as per the constitution of the state. Another manner to hold title is tenancy in common. In Florida law, two or more people holding title on a property are in this sort of title or ownership agreement. In this title format, a co-owner can sell, lease or transfer ownership to his or her share, even will it to their heirs. You can also hold title via a corporation or limited liability company, or a partnership. In these instances, you can have any number of “shareholders”, though their right to the property would be limited to their membership interest, in a partnership each person has a right to their share of the property.

If you need to dig deeper into the sort of title you should use for your property, our team at Gables Title Group is more than happy to be the difference between closing or losing the deal.