Learning With Scooter

Steven "Scooter" Thompson's Online Word World

Learning With Scooter - Steven "Scooter" Thompson's Online Word World

The benefit of titling your real estate correctly

The way your real estate is titled will determine how it will be passed on someday. Here are the possible options in titling your Florida property:

Sole ownership

This is often used by property owners who are single or whose spouse is in a high liability profession or someone who has creditor with gambling and substance abuse problems.

Joint tenants

This is common when two people own a property together, yet are not married to each other. Their title is a joint tenancy with right of survivorship, which means when one owner dies the property will automatically belong to the surviving owner without undergoing the process of probate.

Tenancy by the entireties

This type of title is reserved for married couples only and must be done at the time of their marriage. The interest in the property cannot be transferred without the consent of the other spouse. Tenancy by entireties gives the couple the same protection as joint tenancy.

Tenants in common

This type of property title is used when two or more people own a property together. But unlike joint tenancy each owner can freely pass on their portion without the consent of the other owners.

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