Understanding Joint Property and Concurrent Ownership in Florida
It is no secret that purchasing a home is expensive. For most buyers a mortgage loan is the typical solution used to afford the property. However, another cost effective option to offset the cost of purchasing and owning a home is joint property ownership, or concurrent ownership. While owning a piece of property with another party has some advantages, you should also be aware of the disadvantages of joint or concurrent ownership.
Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A has 30 years of experience helping clients understand joint property and concurrent ownership in Florida. It is crucial that you have knowledge of the pros and cons you may face with joint property and concurrent ownership before you make the choice to proceed with purchasing property with another person.
What Are the Different Types of Joint Property and Concurrent Ownership in Florida?
There are various different types of joint property and concurrent ownership in the state of Florida. It is important that you understand each type and how it may benefit you.
Tenancy in Common
Tenancy in common, which is also referred to as TIC, is the most common type of concurrent ownership. Tenants in common each own an equal share of a piece of property unless otherwise stated in the deed or contract. This shared property may be a house, apartment building, or other type of real estate. Typically, this means that each co-tenant has an equal right to possess or use the entire property. Additionally, this means that the rent or maintenance costs of the property are shared among the co-tenants according to their ownership interest. Each tenant in common possesses a share in the value of the property as it appreciates.
In Florida, the state property laws refer to the interests of co-tenants as being undivided. This means that each tenant has an equal right to the property without being restricted to a specific part of it. However, in most tenancy in common situations, each co-tenant will agree to own a different portion of the property like a specific floor or unit within a building. A co-tenant may transfer their interest in a tenancy in common to another buyer or to an heir. A co-tenant also has the option to mortgage a share in the property. Co-tenants may not transfer, mortgage, or sell the other co-tenants’ interests in the joint property.
Joint Tenancy
Joint tenancy, or joint tenancy with right of survivorship, implies that a joint tenant lost all interest in their property when he or she passed away. The deceased person’s interest was automatically transferred to the surviving joint tenant upon the passing of the other. In a joint tenancy, the deceased tenant’s interests do not transfer to an heir through their will. Instead the last surviving joint tenant owns all the property outright following the other joint tenant’s death.
Tenancy by Entirety
Another form of concurrent ownership is tenancy by the entirety. This form of concurrent ownership is only available to married couples who own property together. In other words, they do not have equal shares, instead they have distinct shares. The married couple must fulfill all of the requirements necessary to create a joint tenancy. Additionally, they must be married at the time they acquire the property and must remain married in order for the tenancy by the entirety to be considered legally valid.
Speak With a Florida Joint Property and Concurrent Ownership Lawyer Today
Attorney Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A, has extensive knowledge of all matters concerning joint property and concurrent ownership in Florida. With more than 30 years of experience, Attorney Daryl L. Jones is passionate about helping you find a solution for all of your real estate legal needs and will provide the representation you deserve. To schedule a free initial strategy session, contact us here or call 786-876-9604.