But avoiding probate is a popular goal in estate planning. Using Life Insurance Effectively. The property may be commercial or residential. Joint Tenants are those living in the same house with the same right of ownership. To help bring order to the millions of tenants and landlords in the state, Florida has put together an extensive landlord-tenant law. 33 When property is owned as tenants in common… The tenant MAY be able to withhold rent if the landlord fails to do what the law or rental agreement requires. So, why would you want to use a tenancy in common for Florida estate planning when you could avoid Florida probate with a transfer on death designation or joint tenancy? Hello Jose, thanks for inquiring; however, this isn’t something we get involved in as we are “laser focused” in strategic planning and related administration services. Contact us today. The joint ownership interest transfers to the surviving owner outside probate, letting you avoid some of the time and expense of estate administration. The written notice shall also indicate the tenant’s intention to withhold rent due to this noncompliance. The process continues until only one living owner remains—and that final surviving owner then holds complete, undivided title to the property—kind of like Highlander. Florida tenants, like those in other states, are protected … If the couple in the prior example was married, Florida’s spousal elective share and homestead laws might provide some protection to the surviving spouse (absent a spousal waiver) but could also impede the first spouse’s ability to leave a share of the property to his or her heir. The information appearing on this website is intended to be used for educational purposes only and may not be used as legal advice. Let’s say an unmarried couple co-owns and lives in a residence they purchased together. Florida law recognizes three basic forms of joint ownership. The Fair Housing Act says that a person seeking housing cannot be turned away solely because of race, gender or religion. Tenants in common do not have to own equal percentages of a property, but every tenant in the title has the right to full use of the property, not just their percent interest. Two of the three—joint tenancy and tenancy in the entireties—come with what is referred to as a “right of survivorship.”. 32 Unless specific language is used indicating “survivorship rights,” tenants in common is the default form of co-owned property in Florida. Each co-owner in a tenancy in common also has a responsibility of maintenance, upkeep, taxes, and other costs of owning the property equal to their percentage of ownership.For example:Jane owns a 50 percent share of a tenancy in co… Also, with a joint tenancy or tenancy in the entireties, though, the joint interests must be equal. We can help defend your home from foreclosure. Download The Estate Planner’s Tactical Guide for FREE. Because tenancy in the entireties is reserved for married spouses only, by definition it is limited to two owners. Where you co-own a property as tenants in common, each one of the owners will own a share in the property. Real Estate Law Concepts: Joint Tenancy and Tenants in Common Tenants in Common. To gain access, landlords need to provide their tenants with a 12 hours’ notice. If a property with improvements is involved, the partition complaint will probably ask for a court-supervised sale, with the proceeds to be split between the two owners. If only one member of an unmarried couple owns the home and he or she allows the other party to live there rent-free, the IRS may consider the arrangement to be a gift to the non-paying partner. However, some additional steps under the Safeharbor Act in Florida would likely need to be taken. That could mean physically dividing a property into two or more sections, but physical partition is usually only feasible with unimproved acreage. These include the right to a habitable premises, due process before an eviction and more. The tenants don't have to have equal ownership interests—one can own a 25% share of the property while the other holds 75% ownership. If the owner of a fully owned house dies then the whole house goes to his or her estate – leaving the partner without the property. In fact, transfer of an interest destroys a joint tenancy even if the transfer is from one owner to another. Tenancy in Common. Note that tenants in common have no automatic rights of survivorship. A tenant in federally subsidized rental housing has rights under federal law, as well.