It’s also possible to convert an asset already owned by one spouse to a tenancy in the entireties by, for instance, executing a deed that grants real estate owned by one spouse to both spouses. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like "to John Doe" or "to John Doe and his heirs". The company's filing status is listed as Inactive and its File Number is K81374. Virtual Legal Services Available Statewide! Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. Hi Brian, thanks for your question. That is, the fee simple ownership can be subjec… The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. This estate of land tenure is the most extensive and allows the tenant to sell or to convey by will or transfer to the tenant's heir upon death intestate. The use of the word “create” in the definition of root of title in F.S. The term "fee simple" is typically found on a house's official deed, one of those nondescriptive real estate terms whose meaning is not clear immediately—or even after a … And, if you decide down the road to purchase another property, you can make any necessary amendments to the operating agreement and title the new property in the name of the LLC. Does Hermione die in Harry Potter and the cursed child? There’s no one-size-fits-all perfect form of ownership, so the multitude of possibilities lets you choose what is right for your situation and goals. I would like to establish a joint revocable Florida trust to include the above assets. What is the difference between a special warranty deed and a deed of trust? Due to growing concerns related to the community impact of the Coronavirus, our office is conducting business remotely. Titling an asset is the process of formally designating an owner of record. An experienced Florida estate planning attorney can help identify the most advantageous arrangement for titling both new and existing assets. Simple means unconstrained and fee refers to legal rights of the land. Is a grant deed the same as a warranty deed? British philosopher John Locke theorized that protection of private property rights is the fundamental purpose of civil government. Marshall C Deason Jr. 6 reviews. Unlike the various options for a warranty deed, a quit claim deed in Florida offers … Even so, there are some situations where joint tenancy is advantageous, such as families who want to maintain control over assets and prevent dilution over time or business partners who want to ensure that the partnership’s operations can continue after one partner dies. Information and resources for Florida lawyers during the Coronavirus pandemic can be found on this page. To a certain extent, the features of joint ownership depend on the relationship between the owners. Ultimately, though, property interests boil down to (1) what type of interest is held, and (2) who holds it. And, for Floridians, that is a good thing. Fee simple is a type of … Real Estate Attorney in Tampa, FL. While hiring a lawyer to prepare the agreement can increase the complexity and transaction costs of acquiring assets, it avoids future confusion and reduces disputes over claims to partnership assets. However, nothing really prevents a surviving spouse from selling it after the other spouse’s death. The property is in Florida and it is our homestead. These sub-categories are typically considered within the context of real estate but can also be applicable to personal property. 2 February 2013 Pg 24 Bretton C. 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