Tenancy is defined as an ownership arrangement among two or more parties who acquire property together. It dictates what will happen when one owner dies. There are three types of tenancy and each comes with distinct rights and stipulations. Below are definitions of the types of ownership relationships for Florida property purchases.
Types Of Ownership Relationships
Tenancy in Common
Tenancy in common permits each owner to protect their rights in a home. It dictates that when one owner dies, their ownership portion will be bequeathed to their heirs. The beneficiaries would acquire the ownership in the real estate, lawfully becoming a tenant in common with the remaining co-owners.
Joint Tenancy
For joint tenancy, when one owner passes away, their ownership in the property is passed on to the surviving co-owners. If there are multiple other co-owners, each obtains an equivalent portion. There is normally added language in joint tenancies detailing time, possession, title, and interest in the home. All parties take ownership at the same time and by the same means (such as will or deed). Each also receives an undivided interest in the entire property and not just individual pieces of it.
Tenants by the Entirety
This tenancy applies directly to married couples. When one spouse passes away, ownership passes on to the surviving spouse. This type of tenancy can only be ended by death, divorce or mutual agreement. One spouse cannot give his or her interest to another party, but can transfer it to the other spouse.
More About Types Of Ownership Relationships For Florida Property Purchases
It is important to understand the different types of ownership relationships for Florida property purchases.Each imparts different rights to co-owners and heirs. If you are unsure of which type of tenancy to select for your property purchase, consult with a local attorney for advice and guidance. For more on the types of ownership relationships for Florida property purchases, contact Sonny Solomon at The Keyes Company at 561-247-1047 or sonny@sonnysolomon.com.
