How Multiple Owners Can Take Title ? Tampa Bay Real Estate Law ...

There are many ways in which multiple owners can take title to Florida real property. Some of them include:

1. Tenants in Common. The simplest type of common ownership. Each person would own a quarter of the property and there would be no survivorship.

2. Combination of Tenancy by the Entirety and Tenancy in Common. The two couples, both a tenants by the entirety, could take title as tenants in common. Both couples would own an undivided one half of the property.

3. Joint Tenants with the Right of Survivorship. In this type of ownership, the last of the four owners to die would own all of the property. There are limitations on the shares that the owners can hold in this type of common ownership.

4. Florida Land Trust. Section 681.079 of the Florida Statutes creates a special type of trust for land ownership that is only available in Florida and a few other states.

5. Estate Planning Trust. If the northerners have inter vivos trusts established as part of their estate planning, the trustees to these trusts can take title to Florida property.

6. Enhanced Life Estate. This is a special type of life estate that is recognized in Florida, but not in all other states. It is useful if they want to pass title on to descendants without going through probate but still want to retain control of the property.

7. Limited Liability Company (LLC). An LLC can be a good option if they are concerned about limiting their liability or if they want to establish special requirements about the way the property will be handled.

8. Partnership. One of the simplest types of common ownership. It can be structured to accommodate the special needs of the partners.

9. Limited Liability Partnership (LLP). An LLP combines the simplicity of a partnership with the liability protection of an LLC.

10. Corporation (either S or C). For federal income tax reasons, title to real property should NEVER be taken in any type of corporation if it can be avoided.

All of these types of ownership (except the corporation) are viable options for ownership of Florida real estate. Only a lawyer has the experienced and training to advise clients on which type of ownership would be best for them.

Marshall C. Deason, Jr.
Board Certified Real Estate Lawyer
Tampa Bay Business Law, LLP
601 Bayshore Boulevard
Suite 150
Tampa, Florida 33606
813-434-4800
marshall@tampabaybusinesslaw.com

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February 27, 2012 - Posted by deasonlaw | Tampa Bay Real Estate Market

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Source: http://tampabayrealestatelaw.wordpress.com/2012/02/27/how-multiple-owners-can-take-title/

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