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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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A Quick Guide to Property Titles
When a husband and wife buy property, they usually take title as “tenants by the entirety.” With this form of ownership, each spouse owns an undivided 100 percent interest in the property. Real estate lawyers say that married couples sometimes change the way they hold title to property to avoid or minimize estate taxes. But this strategy may not always be appropriate. "I see this happen on a regular basis,” said Stanley Simon, a Manhattan lawyer who reviews co-op loans for lenders. “As the bank’s attorney, it’s not my place to tell people what they should or shouldn’t do. But I’m not sure that the people who are doing this have really thought it through.” Mr. Simon said one of the benefits of holding title as tenants by the entirety is the ability to protect the property from creditors. He explained that when title is held as tenants in common — the form of ownership typically used by co-owners who are not married to each other — each owner’s interest belongs to that individual. So with a tenancy in common, any owner can sell his or her interest to someone else, or if an owner dies, his or her share passes to heirs or beneficiaries. In addition, Mr. Simon said, any owner can petition a court to partition the property, a legal action that can result in a forced sale and distribution of the proceeds among the owners. Ready to buy or sell Palm Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property. click here for article |
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