Three Methods of Joint Ownership of Real Property

Joint Ownership is opted by many new couples and owners now. It is an easy way to distribute the ownership of your house, based on the amount of money invested by an individual. 

Before we begin on explaining how you can get the joint ownership of real property, there are a few things that you need to know anbour Joint Ownership of Property. 

What is Joint Ownership of Property?

There are three ways to go about owning a property. 

1. Individually
2. Joint names
3. Conrtact Rights

Ascertaining the ownership of the property will help you to know the rights towards the property in case of a death. If you choose to have joint ownership then it comes in three forms for the state of Florida. As one of the best real estate lawyer in Florida, it becomes our responsibility to let you know all about the methods of Joint Ownership of Real Property in Florida. 

Three Methods of Joint Ownership of Real Property

1. Joint Tenancy with Rights of Survivorship

Joint Tenancy with Rights of Survivorship (JTWROS) is generally used when there are two or more owners. The ownership of a single owner transfers to the other joint owners or surviving owners in case of death. The surviving owners will simply remove the name of the deceased owner. In order to remove the name, they have to provide a death certificate or draft a new deed altogether that indicates the death of the joint tenant.  

2. Tenants in Common

When you have joint ownership under Tenants in Common or TIC then the ownership is determined upon the contributions made by each owner. The contributions will determine the percentage of hold over a property. 

3. Tenants by Entirety 

This is a special kind of joint tenancy with rights of survivorship as it is signed between married couples. In some states, including Florida, this type of joint ownership is recognized between the married couples. This helps in avoiding probate and manage proper asset protection planning. 

Let the most preferred real estate attorney help you understand these in detail by hiring Hale Law Services, P.A. We are board certified by the Florida Bar in Real Estate and help all our clients in all the necessary legal real estate procedures. Give us a call at (239) 931-6767 to know more!