PROPERTY OWNERSHIP TYPES • October 12, 2022

PROPERTY OWNERSHIP TYPES IN FLORIDA

by Esperencia Cadet

There are many factors to consider when deciding how to take title when purchasing a property in Florida. Consulting an Estate Planner or real estate attorney can help you to decide which type is best for you. The type of ownership you decide on affects what happens to your property in the event of a death or incapacitation.

Single Ownership
Title to real property can be taken in a person’s own name, which is generally referred to as sole ownership. Unmarried
persons, legally divorced persons, and married persons who wish to hold the property in their own names may use this
form of ownership. However, due to Florida’s homestead laws, when a married person takes title in their own name and the property is then
resold, the spouse will have to relinquish their rights to the property. A person can also take title to the property in the
name of a living trust, which is commonly known as a revocable inter vivos trust. Consult an attorney for information on
the different types of trusts and how it could affect your property.

Joint Ownership
Tenants in Common: If a person is purchasing a Florida property with other persons, they can take title to the property
as Tenants in Common. As Tenants in Common each joint owner of the property has the right to sell, lease or bequeath
their interest in the property to his or her legal heirs. In Tenancy in Common, any number of individuals can hold title to
their respective share of the property, depending on their contributions.

Joint Tenants with Rights of Survivorship: A person purchasing the Florida property with other persons can also take
title to the property as Joint Tenants with the right of survivorship. Under Joint Tenancy all joint tenants have equal
possession rights to their respective share in the property. In addition, due to the right of survivorship, which is not
present in Tenancies in Common, when a joint tenant dies, by operation of law his or her share is automatically
distributed among the remaining joint tenants. There are no restrictions on the number of persons that can be joint
tenants under a Joint Tenancy.

Tenants by the Entirety: Tenancy by the Entirety which is for married couples who wish to hold a joint title in the
name of both spouses. Under a Tenancy by the Entirety the property is equally held in the name of both the husband and wife. This title is applicable and available for married couples only. Both the husband and wife have equal possession rights to the property and similar to a Joint Tenancy, when one spouse dies, his or her share is automatically distributed to the surviving spouse.

Other Forms of Ownership:
LLC/Corp/Inc: Title to Florida property may also be held in the name of a separate legal entity organized under Florida
state law such as a corporation or a limited liability company. Corporations and limited liability companies can have any
number of shareholders or members, respectively, but the rights to the property of individual shareholders or members
will be limited to the face value of shares or membership interests held by them.

Partnership: Additionally, title to the Florida property may be held in the name of a partnership of two or more persons.
If the title is taken in the name of a partnership, it will be held in the name of the partnership, with the partners having
equal right to possession of their respective share in the property.

Trust: Finally, the title may also be held in the name of a Florida Land Trust, in which the legal title of the property is
transferred to a trustee for the benefit of the named beneficiaries. Some people prefer to take title in the name of a
Florida Land Trust because it offers privacy with no one knowing the beneficial owner of the property or the amount of
the purchase price paid for the property.

Now that you’ve read the article and have some ideas about how to take title in Florida, if you’re looking to purchase a home in SWFL contact us at KTMDH.COM. We specialize in all aspects of the home buying process and we are available to assist with any question or need you may have.

Home selling tips • October 6, 2022

3 Ways to Prepare Your Home to Sell

by Esperencia Cadet

This post was first published on coldwellbankerelite.com

If you’ve finally decided to list your home for sale, it can be a daunting task trying to figure out how to best prepare your home before listing. Finding a great realtor is key, but you’ll also need to prepare your home for the market. Keep reading to find tips to make preparation run a little more smoothly

Locate Any Repairs, No Matter How Small

Every home has improvements that could be made, especially in terms of repairs. Take stock of every repair needed in your home, no matter how minor they may be. For example, check for windows that stick, doors that don’t shut all the way, and leaky faucets. If you don’t fix these little issues, the buyer may use this against you and try to lower the value of your home. If you require major repairs, like a large hole in the wall or a cracked window, and you don’t fix it in time, the buyer could become worried and think there are underlying problems within your home. This can cause the buyer to back out of the sale.

Don’t neglect the exterior of your home. If you have a porch or deck, check for signs of rot or decay. If the paint is peeling off or cracking in places, repaint it before the home goes on the market. Don’t try to attempt major repairs by yourself, and save time by hiring a professional. You can also opt to have a pre-sale inspection, in which an inspector can identify any repairs needed before placing your home on the market.

Slash The Clutter

No buyer wants to walk into a home and see a mess; the more clutter you have, the smaller your home will feel. If you remove a lot of clutter, your home will appear more spacious, and spacious homes sell much quicker than homes that feel too small. Professional home stagers recommend removing 50% of your items to give your home that spacious look.

When you are decluttering your home, don’t throw all of the items into a spare closet or under the bed, as clients will be checking all areas of the home thoroughly. Utilize different baskets and bins for storage, and tidy up the space as effectively as possible. In terms of furniture, make sure your furniture isn’t blocking the beautiful features of your home. If you aren’t sure where to start regarding organization, don’t be afraid to reach out and contact a professional organizer near you.

Think From Their Perspective

Think objectively from the buyer’s point of view when you are reviewing your home. Pretend that you are a buyer walking into your home for the first time. Make any changes that speak to you from that unique perspective. It is also helpful to invite friends or family over and ask them what they think about your home before listing it. Ask them if there’s anything that can be improved. You can also seek advice from your agent on how to prepare your home to sell. It’s part of their job to present the home in the best light, so don’t hesitate to use them as a resource!

Now that you’ve read the article and have some ideas about where to start, contact KTMDH.COM. We specialize in all aspects of the home selling process and we are available to assist with any question or need you may have.

First time home buyer • September 26, 2022

What You Need to Know as a First-Time Homebuyer

by Esperencia Cadet

This post was first published on Coldwellbankerelite.com
Buying your first home can be as exciting as it is confusing. There are many details to comb over, steps involved, and information to soak up. What should someone new to homebuying know before they start shopping? Here are some home buying tips to help keep you confident and prepared throughout the process.

Think Critically About Finances
Having a nest egg ready for expected costs like down payments and closing costs is essential. But many newbie homebuyers don’t consider other costs like inspections, moving costs, and other unexpected expenses that could pop up without warning. Take time to develop a budget for home buying expenses, not just buying the home itself.

It would help to think about your current debt when considering a new mortgage payment. Shopping around for rates will help, but handling things like credit cards and student loans before you start house hunting will make handling the new monthly payments significantly less stressful. Plus, with a better credit score, you’ll likely have a much lower interest rate on your mortgage. Knowing the state of your credit before you search gives you time to improve your credit score for multiple benefits.

Preparation is Key
If your finances have checked out, it’s time to get an excellent real estate agent in your ring. A talented real estate agent will listen to you and advocate for you to find what you want. Your real estate agent will guide you through the process of what’s needed right from the start. They can recommend reputable lenders so you can find our how much you can afford. Without a price threshold, you might waste time touring homes well outside your price range.

And don’t forget to get preapproved for a mortgage before starting. Preapproval can help you gauge what you can afford based on how much you can borrow. Preapproval also shows real estate professionals that you’re serious rather than “window shopping.” If you find the perfect home, chances are you will need to move quickly with submitting an offer, including providing a preapproval letter.

Know What You’re Looking For
When you first meet with your agent, you should know what you’re looking for and have it ready to share the details. The more specific you are, the better. Here are a few features that come up in conversation to help jog your brainstorming session:

What kind of home would you like? A condo? Duplex? Single-family home?
Are there any amenities you’d like? Pool? Tennis courts? Golf community? Lawn maintenance?
Where do you want to live? How flexible are you about the neighborhood?
How soon are you looking to move? Is the move date flexible?
What about the finer points like walkability, parking, taxes, and school districts?
Come up with answers to questions like these first, so you aren’t caught off-guard when the agent asks them.

You should also plan to devise a list of non-negotiables. Anything on this list is terms or items that you’ve deemed “must-haves” to purchase a home. Take your time with this and think hard about what you feel you couldn’t live without; this will be different for every homeowner.

Remember that your list could impact the price in either direction – if living near a top-rated school is vital to you, your home price will be higher. But if amenities don’t matter much to you, you could find that the price balances out.

Keeping an open mind is also key to a positive outcome. Depending on the area, your price point, and other factors, you may not get 100% of what’s on your list. It’s important to consider what can be changed after moving in. For example, proximity to the train station is more important than having an updated kitchen. You can renovate your kitchen, but you won’t be able to move the property closer to the train.

Start Your Search
Following these first time homebuying tips will give you the building blocks for a solid, stress-free home-buying experience. Once you have a good command of your finances and the tools you need to succeed, you’re ready to negotiate for what you need and start putting down offers for your dream home!

PROPERTY OWNERSHIP TYPES IN FLORIDA

3 Ways to Prepare Your Home to Sell

Locate Any Repairs, No Matter How Small

Slash The Clutter

Think From Their Perspective

What You Need to Know as a First-Time Homebuyer