What is Vesting?
Simply put, how you “vest” title refers to the different ways a purchaser may take ownership of property. How title is taken also determines who will need to sign transfer documents.
What are my options?
Title can be taken in a multitude of ways.
Sole ownership refers to ownership of the real property by an individual or other singular entity, described in the following ways:
Single Man or Woman
Unmarried Man or Woman
Widow or Widower
Married Man or Woman(as their sole property) – In this instance Florida requires the spouse of the party obtaining the title to formally relinquish their right to the property in question.
Co-Ownership refers to ownership of the real property by more than one person in a variety of situations.
Tenancy by the Entiretyrefers to ownership of the real property by a married couple during their marriage. It further implies that, should one of the spouses die, the property be left to the surviving spouse.
Joint Tenancy with Right of Survivorshiprefers to ownership of the real property by more than one person where each party has full ownership of the whole. Similar to co-ownership of a property related to a married couple, the property will be left to the surviving party on the title deed. Specific language is required to achieve this goal.
Tenancy in Commonrefers to ownership of the real property by more than one person where each part owns a specific share of the property. Here, each party may sell only their share of the property, should they wish to do so, and has no survivorship rights. A co-owner may choose to have their stake in the property pass by will to a named beneficiary.
Why is this important?
Vesting title can determine what happens to your property, whether it will be subject to probate and how it may be treated by creditors. Simple wording on a deed can dramatically alter any of these variables. It is important to seek the counsel of an attorney when considering any option for vesting title to protect property rights and your goals.
At the Kendrick Law Group, our attorneys are dedicated to providing you quality legal counsel when considering the purchase of real property. They can help you decide the best vesting option for your unique situation and property. Contact us today to schedule your consultation.