Upon buying a property, a lot of people won’t know how to approach the procedure appropriately in order to tilt their real estate. This step is crucial in order to achieve ownership passing of the office building or house to someone else. The state of Florida allows for a few titles in real estate ownership, and they go as follows:
The Life Estate – This type of ownership is limited by the life of the owner. Meaning that upon his death the real estate is automatically passed down to the right beneficiary.
Sole Ownership – Is a title that’s widely used by property owners who don’t trust their life partners or are simply single. This title is not really common in Florida.
Tenancy by the entireties – This is a title that married couples tend to take advantage of. This is because it needs to occur during the time of the marriage for it to be a tenancy by the entireties. It refers to the type of ownership in which both parties need to agree on real estate transactions in order for them to be validated. This added security is something that joint tenants don’t have.
Joint tenants – Refers to a title in which more than one party owns the real estate simultaneously. Namely they share the real estate even though they aren’t spouses. This type of titles is mostly used by tenants with the right of survivorship. This means that the real estate gets passed down to the surviving owner, which makes the whole process a breeze.
Not as easy as it seems
Separate legal parties like limited liability companies, partnerships and corporations can also hold these real estate ownership titles. Real estate ownership really gets good when they’re given the option to create a Florida Land Trust that revolves around tilting the property in the interest of the trust’s beneficiaries. Many will advise going with this type of Land Trust.
Be careful with your properties
Even if this looks transparent and simple, there are many things to look out for. Letting your legal guard down might cost you the property some day, so approach ownership with caution. There are many cases where older homeowners tried to dodge taxes by transferring their ownership to their child, only to have it blow up in their face when the same child kicked them out of the house. Many think it’s unheard-of that their children might do something like that, but common practice has proven them wrong time and time again. Most of the time it’s not because the child intended it, but it happened anyway as a result of poor financial decisions or gambling issues. Another outside factor might be a divorce that takes away the beneficiary’s property as a result. Be smart with the way you tilt real estate.