Did you know that more than one person can own a property? If there is more than one owner, the property title must reflect that. The first thing your Coral Springs real estate attorney will try to establish is who owns the property you’re interested in.
The different forms of property ownership are:
This is the simplest form of property ownership where a single person holds the title. If the owner is married, the property must be a sole or separate property and not included in their marital assets.
In this type of ownership, two or more people are on the property title. There are three types of joint ownerships:
Tenancy in Common: Unless stated otherwise, if two or more people hold the title, they aretenants in common. In this arrangement, a co-owner can lease, sell, or will his/her share to their heir.
Joint Tenancy with Right of Survivorship: Each tenant has equal share in the property. If a tenant dies, the property is equally divided between the tenants. However, if a tenant takes out a loan, it only affects his/her share of the property.
Tenancy by the Entireties: Meant only for married couples, each tenant partner owns equal parts of the property with right of survivorship.
To learn more, contact a Coral Springs real estate attorney at (954) 344-8420. We are committed to protecting your hopes, dreams, and investments.