Introducción
Buying or selling property can seem like a tough maze of legal terms and processes. One key piece of this puzzle is the kind of deed used to pass on property. In Florida, quitclaim deeds and lady bird deeds are often used, each in its own way. In this easy-to-understand guide, we’ll talk about how these deeds work and when to use them. We’ll also look at different ways to share ownership, like joint tenants with rights of survivorship, tenants in common, and tenants by the entirety.
Quitclaim and Lady Bird Deeds Made Simple
Quitclaim deeds and hazañas de lady bird are instruments used to pass on real estate. A quitclaim deed is like saying, “I don’t want my claim on this property anymore” and giving it to someone else. This deed doesn’t promise the property is free from other claims; it just passes on whatever the current owner (the grantor) has to the new owner (the grantee).
A escritura de lady bird is a bit different. The current owner keeps control of the property while they’re alive, including the right to sell it. When they pass away, the property automatically goes to the person they’ve chosen (the beneficiary). This deed is a helpful way to plan for the future while avoiding probate of the property.
Common Uses of Quitclaim and Lady Bird Deeds in Florida
Quitclaim deeds and lady bird deeds can be used in many situations in Florida. Here are some common examples:
- After a Divorce: One spouse can use a quitclaim deed to give their share of a property they own together to the other spouse.
- Moving Property into a Trust: Quitclaim deeds can move property from a person to a trust, changing who legally owns it.
- Fixing Mistakes in a Title: If there’s a mistake in a property title, a quitclaim deed can fix it.
- Giving Gifts and Planning for the Future: Quitclaim deeds can be used to give property as a gift or to pass on inherited property. Lady bird deeds, on the other hand, can plan for the future, passing property to a chosen person when the current owner dies.
- In Business Deals: Companies can use quitclaim deeds to pass on property when they restructure, sell assets, or change owners.
- Marriage: Many use a quit-claim deed to add a new spouse or significant other to a property.
Sharing Ownership in Florida: The Basics
Understanding how to share ownership is key when dealing with quitclaim and lady bird deeds. In Florida, there are generally three ways to share ownership:
- Joint Tenants with Rights of Survivorship: Everyone owns an equal part of the property. If one owner dies, their part goes to the surviving owners, no matter what their will says.
- Tenants in Common: Each owner has their own share of the property, which can be different sizes. If an owner dies, their share goes to their chosen heir or as directed by their will, not the surviving owners. This type of deed often requires probate or resumen administración to properly transfer ownership upon the death of an owner.
- Tenants by the Entirety: This special form of ownership, only for married couples in Florida, is like joint tenancy but also protects from debts.
Florida Document Specialists: We’ve Got Your Back
Typing quitclaim deeds, hazañas de lady bird, and shared ownership can be hard. But don’t worry – Florida Document Specialists is here to help. As Florida’s premier nonlawyer document preparation company, we’re experienced in crafting quitclaim and lady bird deeds according to your directions.
Our service offers it all: we draft the deed, notarize it onliney eRecord the deeds in the right county. Our attention to detail, high-quality service, and smooth process make us the go-to partner in your property transfer journey. If you’re thinking about using a quitclaim or lady bird deed, or have questions about the process, get in touch with Florida Document Specialists. Our team of specialists is ready to help.
Consider Consulting with a Licensed Attorney
Please note that this article is intended for informational purposes only and should not be viewed as legal counsel. Property transfers, even seemingly simple ones, can involve intricate elements such as the impact on homestead exemption and other considerations. It’s always recommended to consult with a licensed attorney in your state to receive personalized advice tailored to your specific circumstances.*
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