How you hold title to a property affects your ownership rights, how the property passes on if you die, and even your liability – making it an important decision, not just a formality at closing.
Sole ownership
A single individual owns the property outright, with full control over how it’s used, sold, or passed on.
Joint tenancy with right of survivorship
Two or more owners hold equal shares, and when one owner dies, their share automatically passes to the surviving owner(s) – bypassing probate.
Tenancy in common
Owners can hold unequal shares, and each owner’s interest passes according to their will or estate plan rather than automatically to the other owners.
Tenancy by the entirety
Available to married couples in many states, this offers similar survivorship benefits to joint tenancy along with added creditor protection.
Trust ownership
Property held in a living trust generally avoids probate and passes according to the trust’s terms.
Not sure which option fits your situation? Call Dockside Realty at 850.225.9785 or email christine@docksiderealtyinc.com – and consult an attorney for guidance specific to your circumstances.