4 Ways to Hold Your Real Estate Title in Florida

Closing on a real estate transaction is always a hectic time, and it is easy to overlook small details in the mix. Something rarely planned for properly is the title to the property. When a real estate transaction closes, the title interest of the property changes from the previous owner to the buyer. What the buyer decides to hold as their title determines what could ultimately happen to the house, but most buyers don’t even know the difference between the titles. Here are the four different ways you can hold the title in Florida:

  1. Sole Ownership. This is the simplest form of ownership. It is reserved for single individuals or married couples. It means that you own your property entirely, but it does not reserve any rights for Estate Planning. That means you cannot leave the house to anyone you want in a Will, and the title could be subject to probate upon the death of the owner.


  1. Tenancy in Common. This form of ownership is for two or more unmarried buyers. It is common in unmarried couples or friends purchasing a property together. All of the owners have a specific percentage of the title, and the percentages do not have to be even splits. Owners can leave their portion of the property to others in their Will. The downside of this, however, is after death the new owners could be complete strangers or have their percentage leveraged against another by a creditor.


  1. Joint Tenancy with Right of Survivorship. This form of ownership is for those who want to keep the property in the family, whether that family is literal or in bond. It is also for two or more unmarried owners. All of the owners own a percentage of the property, but the shares are equally divided. Whenever one of the owners dies, their percentage is redistributed among the remaining owners. This means that if only one owner is left alive, they will own the entire property.


  1. Tenancy by the Entirety. This form of ownership is reserved for married couples. It means that each spouse owns equal and identical portions of the property. If one of them dies, their share transfers over to the other. However, if they get divorced, it invalidates this title and they are left owning equal halves of the property.

Choosing a title ownership is one of the most important decisions in a real estate transaction, but there is no one size fits all approach to which one is best for you. They all have advantages and disadvantages that will relate to your situation in different ways. For all your legal help with real estate needs, contact the Law Offices of Ray Garcia, P.A. today. We will help you choose the title that is right for you.

December 2020 2 of 2

6 Tips For Life After Bankruptcy

Bankruptcy can be a long, difficult process. Like all things, there is an eventual end to it. From there, it can be a long journey back to living life like you knew it before. That can be a good thing, in some cases. A change of pace, while frustrating, can be helpful to people after surviving a process like bankruptcy. Here are six tips we can offer to help improve your life after bankruptcy:

  1. Check Your Credit Score Regularly. You can get a free annual credit report from the major reporting companies, and plenty of services let you see a free score check weekly. This will allow you to see the impact your actions have, and check your progress as you go on.


  1. Create a budget. Life after bankruptcy normally means a scaled-down lifestyle in the immediate aftermath. Creating a budget of what funds you do have and determining where those should go is essential. Consider what things in your life you can go without for a while, and what is truly mandatory.


  1. Consider a credit card. Credit is the double-edged sword of bankruptcy. It is not uncommon for individuals post-bankruptcy to want to stay far away from credit cards. However, rebuilding your credit score is important to eventually be able to fund major life purchases. Consider a lower-risk option, such as a secured credit card with a small limit, and try to form new habits with it.


  1. Keep it positive. Bankruptcy is just a thing that happens to people, like everything else. It is important not to let it define you as a person or consume your thoughts. If you have lived through bankruptcy and are currently rebuilding your life, maintaining a positive outlook is the best defense against plummeting.


  1. Start an Emergency Fund. It’s likely you don’t have anything left in your savings following bankruptcy. Life can come at you fast – you never know when you’ll suddenly need money quickly for car trouble or medicine. Starting a small emergency fund that you can dip into is hugely important for peace of mind.


  1. Preserve Everything. You probably left your bankruptcy process with piles of papers and legal documents you don’t care to see again. You need to save these files in case you need to consult them later. All those documents are an asset to you, and keeping them somewhere you can access them is necessary.

Bankruptcy can be tough, but it’s not the end of the world! There is plenty of hope for a bright new future you can move towards after bankruptcy. If you need help with bankruptcy or other legal needs, contact the Law Offices of Ray Garcia, P.A. today! We’re looking forward to hearing from you!

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Law Office of Ray Garcia, P.A.

Our mission is to provide our clients with legal services that not only meet their needs but exceed their expectations. We approach all practice areas with care, knowledge, experience, and determination. Trusted In South Florida For Decades.

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