How to Take Title of Your Florida Home

After selecting the most appropriate Florida home, based on your tastes and preferences, you need to decide on how to take title of your property. Taking the right title decision is very important because it involves legal processes, taxation and estate planning issues. There are real estate attorneys or Certified Public Accountants (CPA) who are equipped to help in the decision.

Ways to take title of your Florida home when buying alone:

You can take the title in your own name, which is technically referred to as sole ownership. You can opt for such a title, if you are unmarried, if you have been married but are now legally divorced or if you are married but want to acquire the property in your name. In the last clause, if you are married, your spouse will have to relinquish his or her rights in the property, at the time of registration. You can also opt for holding the title of your property in the name of a living trust. A living trust can be created only in the name of individuals who are alive.

Ways to take title of your Florida home when buying with others:

If you are buying the property in collaboration with your friends or associates, you can opt for Tenancy in Common. This provides each partner the right to sell, lease or pass on the property to his legal heirs. In Tenancy in Common, any number of individuals can hold title to their respective share of the property, depending on their contributions.

You can also opt for joint tenancy in which all members have equal possession rights to their respective share in the property. This is different from Tenancy in Common because when a partner dies, his share is automatically distributed among the remaining partners. Any number of individuals can contribute under a Joint Tenancy.

If you are married and want to hold a joint title in the name of your spouse and yourself, you can opt for Community Property. It legally registers the property equally in the name of both the husband and wife. This title is applicable for married couples only. Both the husband and wife have equal possession rights to the property.

Other ways to take title of your Florida home:

You can hold title of your property in the name of a corporation, which is a separate legal entity and is created under state law. It can have any number of shareholders, but the rights to the property of individual shareholders will be limited to the face value of shares held by them. Other than this, you can hold title in the name of a partnership of two or more persons. The title will be held in the name of the partnership, with the partners having equal right to possession of their respective share in the property. You can also choose to hold the title in the name of a trust, in which the legal title of the property is transferred to the trustee.

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