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This is a type of ownership in which you share ownership with others, but you retain the right to sell your portion without permission of the others. All of the owners have a share of the estate. If one of the owners dies, his portion can pass through to his heirs
This is probably the most common form of ownership, but it is not without possible problems. Joint tenants take ownership to property with the survivor taking full ownership at the first death. Therefore, a joint tenant cannot devise his or her share through a will or trust.
A joint tenancy deed generally reads, “. . . to John Smith and Mary Smith as joint tenants with full right of survivorship.” If the deed does not mention joint tenancy or right of survivorship, it will be considered as tenants in common.
When a joint tenant dies, the joint tenancy with respect to the owner dies. Two signatures are required of joint owners of certain types of property, such as stock, and upon incapacity of one party, a guardianship may be necessary.
This is a form of ownership limited by someone’s life. For example, “. . . to John Smith for life with remainder interest to Mary Smith.” In this example, John Smith would have a life estate in the property, and upon his death it would pass to Mary Smith automatically (upon death certificate).
Another example would be “. . . to John Smith as long as Mary Smith shall live and then to Little John Smith, Jr.” In this example, John Smith may only keep the property as long as Mary is alive.
This is a form of joint tenancy between husband and wife. If a deed reads, “. . .to John Smith and Mary Smith, his wife,” a tenancy by entireties is created.
Neither party can convey any property without the approval of the other, and each party is deemed to be a full owner. When one spouse dies, the “tenancy by entireties” ends and the new survivor has full ownership without ascertaining a new deed (by filing the death certificate of the deceased spouse).
Upon divorce, the property reverts to tenants in common.
Lenders Require a Florida Form 9 Endorsement be issued as part of the Final Loan Title Policy. In order to issue this endorsement a Survey of the property is required, and the required survey becomes an intricate part of the closing process.
While it is common practice for your Title Agent to order a survey you do have the right to choose your own surveyor if you wish to do so.
By typing your name below the undersigned hereby acknowledges and understands the statements contained on this form. If you have any questions please call 727-441-8880 before submitting this form.
