Gainesville Florida Real Estate - Ownership

I Own Gainesville Florida Real Estate - What does That Mean?

Owning Gainesville Florida Real Estate or Real Property – Title Does Matter
Gainesville Florida real estate is real property that includes unimproved land or improved land such as personal residence and investment property. Real property can be owned individually or jointly. If real property is held solely and individually as owning all the rights and privileges of control and disposition then this is a fee simple ownership. Ownership of real property as joint individuals has certain other forms of ownership laws that will apply. The following chart shows how real estate ownership can be held:
Type of Ownership Relationship Event of Death 
Tenancy by the Entirety Only husband & wife     Automatic survivor
Tenancy in Common Anyone Inheritable 
Joint Tenancy Anyone Automatic survivor
Sole and Separate A married person, in
their own right Inheritable
Severalty Unmarried/divorced Inheritable
Curtesy/Dower Surviving spouses Inheritable
 
Tenancy by the entirety is limited to husbands and wives. Neither husband nor wife may unilaterally dispose of his or her interest in the property. However, many previously married couples buy real property as tenants in common to avoid the automatic survivor provision.
Tenancy in Common is an arrangement in which 2 or more participants have an interest in an entire property. The property interest can be sold or transferred while living or at death according to the will of the tenant. The new owner takes the status of tenant in common. 
Joint Tenancy with the Rights of Survivorship is where all participants own equal undivided interests in the property, subject to the rights of survivorship. If a joint tenant sells their interest then the joint tenancy will be terminated. Any new owner will hold title as a tenant in common with the remaining owners. Sole and separate ownership has the title to the property in the name of one spouse due to the fact the other spouse has signed over their interest.
Severalty is also known as sole ownership. Curtesy/dower involves the rights of a surviving spouse in the real estate of their deceased spouse.
The above examples describe the various ways that title to real estate in Gainesville, Florida can be held. It is important to seek professional advice when considering holding title to real estate.
Gainesville Florida Real Estate Ownership for Corporations
One of the most important benefits of a corporation formed for real estate investments is the ability to protect an individual’s personal assets from the debts of a corporation. The risks of the shareholder are limited to the extent of their investment in the corporation. In the event of a lawsuit or bankruptcy, the personal assets of the stockholders are not subject to attachment. This is of course is a general rule and does not consider fraud, gross negligence or under capitalization. Another benefit of a corporation holding the Gainesville Florida real estate is that the corporation goes on even after the death of a stockholder. Corporations are ended when they are intentionally terminated, merged or fail to comply with certain filing requirements. The forms of corporations to be considered for holding real property are the regular corporation or C Corporation, the limited liability corporation or LLC, the S Corporation or Sub-chapter S Corporation. Collapsible Corporations are another corporate form used for holding real property. Once again, it is important to seek professional advice when considering holding title to Gainesville Florida real estate.

Owning Gainesville Florida Real Estate or Real Property – Title Does Matter

Gainesville Florida real estate is real property that includes unimproved land or improved land such as personal residence and investment property. Real property can be owned individually or jointly. If real property is held solely and individually as owning all the rights and privileges of control and disposition then this is a fee simple ownership. Ownership of real property as joint individuals has certain other forms of ownership laws that will apply.

 

The following chart shows how real estate ownership can be held:

Type of Ownership   Relationship   Event of Death 

Tenancy by the Entirety          Only husband & wife        Automatic survivor

Tenancy in Common                               Anyone                            Inheritable 

Joint Tenancy Anyone                  Automatic survivor

Sole and Separate                    A married person, in

their own right                     Inheritable

Severalty                                    Unmarried/divorced Inheritable

Curtesy/Dower Surviving spouses                  Inheritable

 

 

Tenancy by the entirety is limited to husbands and wives. Neither husband nor wife may unilaterally dispose of his or her interest in the property. However, many previously married couples buy real property as tenants in common to avoid the automatic survivor provision.

Tenancy in Common is an arrangement in which 2 or more participants have an interest in an entire property. The property interest can be sold or transferred while living or at death according to the will of the tenant. The new owner takes the status of tenant in common. 

Joint Tenancy with the Rights of Survivorship is where all participants own equal undivided interests in the property, subject to the rights of survivorship. If a joint tenant sells their interest then the joint tenancy will be terminated. Any new owner will hold title as a tenant in common with the remaining owners. Sole and separate ownership has the title to the property in the name of one spouse due to the fact the other spouse has signed over their interest.

Severalty is also known as sole ownership.

Curtesy/dower involves the rights of a surviving spouse in the real estate of their deceased spouse.

The above examples describe the various ways that title to real estate in Gainesville, Florida can be held. It is important to seek professional advice when considering holding title to real estate.

 

Gainesville Florida Real Estate Ownership for Corporations

One of the most important benefits of a corporation formed for real estate investments is the ability to protect an individual’s personal assets from the debts of a corporation. The risks of the shareholder are limited to the extent of their investment in the corporation. In the event of a lawsuit or bankruptcy, the personal assets of the stockholders are not subject to attachment. This is of course is a general rule and does not consider fraud, gross negligence or under capitalization. Another benefit of a corporation holding the Gainesville Florida real estate is that the corporation goes on even after the death of a stockholder. Corporations are ended when they are intentionally terminated, merged or fail to comply with certain filing requirements. The forms of corporations to be considered for holding real property are the regular corporation or C Corporation, the limited liability corporation or LLC, the S Corporation or Sub-chapter S Corporation. Collapsible Corporations are another corporate form used for holding real property. Once again, it is important to seek professional advice when considering holding title to Gainesville Florida real estate.