Tenancy by the Entireties
We just asked this question for a couple buying a house who are moving here from another country where title may be taken differently. In fact, title may vary even in the United States. Here in Florida, the best form of title for husband and wife is Tenancy by the Entireties. Read Wayne's post to find out why.
A tenancy by the entireties is ownership by husband and wife, treated as one owner. This is important, because judgment debts of only one of the parties do not result in a valid lien against the marital property.
Survivability is a characteristic of this form of ownership. That is, if one spouse dies, the other owns the property immediately. Unlike a joint tenancy, one partner may not sell his or her share; both must convey their interests simultaneously. Licensees should not automatically assume that a married couple will take title as tenants by the entireties. Many couples buy as tenants in common, particularly if both spouses have children by previous marriages. This allows each party to will interest to their own children. If the couple had purchased using a tenancy by the entireties, the surviving spouse would be entitled to the entire property and probably would will it to his or her children.It may be considered practicing law to advise buyers about which tenancy to use when taking title to real property. The best advice licensees can give is: "See your attorney."
For infomation on Rowlett Real Estate School and our classes in Panama City, Fort Walton, Pensacola and Destin, visit our website at www.rowlettrealestateschool.com . Or give Captain Wayne a call at 850-547-1333Rowlett Real Estate School is a full service Florida Real Estate School offering classroom training in Panama Ctiy Beach Florida and Destin Florida, Fort Walton Beach and Pensacola. We offer a full line up of courses on-line and in classroom for all your real estate license requirements.
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