What Is Title Insurance?
Owner’s title insurance protects your right to your home.
By searching, clearing and insuring the title to your home before you buy it, your owner’s title policy offers protection for your property rights for as long as you and your heirs own your home.
If ownership of your property ever comes into question, an owner’s title insurance policy protects you from expensive legal problems that could result in the loss of your home.
Common Forms Of Vesting Title For Ownership of Florida Property
The more common ways of vesting title in the State of Florida include the following. (Vesting must be limited to only one vesting description):
- Husband and Wife: Title by entireties. Neither spouse can sell the property without the other. Upon death, the decedent’s interest passes to the spouse directly avoiding probate. Language in the deed such as “John and Mary Smith, husband and wife” establishes this type of ownership.
- Sole Ownership: Owned entirely by one person. Language in the deed such as “John Smith, a single man” establishes title as sole ownership.
- Tenants in Common: Upon death, a co-tenant’s interest passes to his heirs names in the will who then become new tenants in common with the surviving tenants in common. Language in the deed such as “John Smith, a single man and Peter Jones, a single man, as tenants in common” establishes title as tenants in common.
- Tenants in Common as to an undivided interest: Title may be held in fractional interests and may be unequal. Each co-tenant may sell, lease or will to his heir that share of the property belonging to him. Language in the deed such as “John Smith, a single man, as to an undivided % interest, and Mary Jones, a single woman, as to an undivided % interest, as tenants in common” establishes title in this manner.
- Joint Tenants with rights of survivorship: Each titleholder has the right of survivorship. When one owner (joint tenant) dies, his interest automatically vests in the surviving joint tenant(s). Language in the deed such as “John Smith, a single man and Peter Jones, a single man, as joint tenants with right of survivorship” establishes this type of ownership.
- Trusts, Partnership, Corporations, Limited Liability Company or other: Entity taking title is not an individual.
After you have read through this list, please let us know which of the above is the appropriate vesting for your purchase. If you not sure, please contact an attorney.