Deeds and Title
Ownership and Deeds in Florida
Every state is slightly different in its laws regarding property ownership. Knowing the basics of property law generally in the United States can go a long way. However, as you buy and sell properties in a state, knowing that market’s specific laws and preferences can help to set expectations and make your transactions move forward more smoothly.
In this article, we walk through some of the key ownership considerations in Florida.
Types of Ownership in Florida
Florida recognizes four basic types of ownership: sole ownership, tenants by the entirety, joint tenants, and tenants in common.
Sole Ownership in Florida
In this type of ownership, one individual or entity owns the property completely with no other tenants.
While this may seem straightforward on its face, there is a slight wrinkle that may affect sole ownership. While Florida does not recognize community property, it does recognize the homestead doctrine. If a property is a homestead, the non-owner spouse must sign the deed selling or conveying the property. If the property is not a homestead, the deed must specifically state the “property is not the homestead of the grantor, mortgagor, or immediate family.”
Tenant by the Entirety in Florida
This is a form of ownership specifically created for spouses. In Florida, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse. If a deed uses language like “husband and wife” or “married couple,” Florida will presume the spouses intended to create a tenancy by the entirety unless specifically stated otherwise.
Joint Tenants in Florida
Florida recognizes joint tenancy with right of survivorship as a common form of joint ownership. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities. In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner’s interest in the event the other owner dies.
Tenancy in Common in Florida
Florida also recognizes tenancy in common as a form of co-ownership. Tenancy in common allows multiple owners to own title in a property, but rather than owning equally, the owners can set varying ownership percentages. For example, one owner could own 51% of the property, with the other owning 49%. Additionally, an owner’s share would pass to the owner’s heirs upon death, rather than passing to the other tenants in common.
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Types of Deeds in Florida
The most common deed forms in Florida are warranty deeds and limited warranty deeds. Warranty deeds provide protection to the buyer in the form of a warranty by the seller that guarantees no issues with the title. Limited warranty deeds also provide protection, but the guarantee is limited to the time period that the seller actually owned the property.
Quitclaim deeds are available, but not insurable in Florida. They are primarily used for clearing title issues, conveying property between family members, and transferring title into a grantor’s family trust or granting from the individual to their entity.
Conclusion
Knowing how a property is typically conveyed in a state, and what types of ownership are available for the title can go a long way to ensuring a smooth transaction.
Florida is a fairly straightforward common law state, but it does have the concepts of homestead and tenancy by the entirety. Understanding what rights Florida gives to spouses can be helpful when buying and selling homes.
*The information provided on this site does not, and is not intended to, constitute legal, financial, tax, or real estate advice. Please consult your expert for advice in those areas. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Although Blueprint provides information it believes to be accurate, Blueprint makes no representations or warranties about the accuracy or completeness of the information contained on this site. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.