Co ownership of real property can be in the following forms:
" Tenancy in common, in which the interest of each owner may be transferred or inherited;
" Joint tenancy, in which the tenants each have a right of survivorship;
" Tenants by the entirety, in which a husband and wife own property and have a right of survivorship; or
" Community property, which applies in some States to property acquired during the period of a marriage.
The phrase joint tenancy refers to a method of ownership by which one person mutually holds legal title to property with other persons in such a way that when one of the joint owners dies his share automatically passes to the surviving joint owners by operation of law.
Traditionally, when two or more people own real property together, they hold it as tenants in common. Owning real property as joint tenants with full rights of survivorship has, in the past, been usually been limited to married couples or other close kinship. However, there is no reason that single unmarried people cannot own property in a joint tenancy arrangement.
When it comes to property ownership in Florida, there are two common types that individuals and groups can consider: joint tenants with right of survivorship and tenants in common. Both forms hold distinct characteristics and legal implications that are crucial to understand before making any real estate decisions in the state. Joint tenants with right of survivorship (TWOS) is a type of ownership where two or more individuals hold equal shares in a property. In the event of the death of one joint tenant, their interest automatically passes to the surviving joint tenant(s). This transfer occurs outside the probate process, ensuring a seamless transfer of ownership. TWOS eliminates the need for a will to determine property distribution and often serves as an advantageous way for spouses or business partners to hold property together. Tenants in common (TIC), on the other hand, are co-owners who each hold individual and distinct shares in a property. Unlike TWOS, TIC does not include a right of survivorship. Each tenant in common can independently transfer or sell their share without the consent of other co-owners. If a tenant in common passes away, their share will be transferred according to their will or inheritance laws, going through the probate process. It's essential to note that Florida recognizes both forms of ownership, and individuals should carefully consider their intents, objectives, and the nature of their relationships before choosing the appropriate ownership structure. For married couples in Florida, they may also consider an alternative type of joint ownership often referred to as tenancy by the entirety, which offers unique protection against individual creditors. While TWOS and TIC are the primary forms of property ownership in Florida, variations and combinations may exist depending on specific circumstances, such as joint tenancy by the entirety for married couples or joint tenancy in partnership for business associates. Understanding the distinctions between these various forms is vital to ensure property rights, responsibilities, and future transfers align with individual needs and goals. Overall, whether opting for joint tenants with right of survivorship or tenants in common in Florida, individuals should consult with legal professionals to ensure they comprehend the legal and financial implications of their chosen ownership structure. This level of understanding empowers individuals to make informed decisions and navigate the complexities of real estate ownership and transfer in the state effectively.
