There are three common types of ownership for property owned by more than one person.

1.  Tenancy by the entireties:

Only a husband and wife can own property as tenants by the entireties.  If real property is owned by a husband and wife, there is a presumption of a tenancy by the entireties.  In this form of ownership, there is a right of survivorship – if one spouse dies, the other gets the entire property.  If it is your intent to establish a right of survivorship with your spouse, make sure that title to the property indicates the right of survivorship or designates you and your spouse as husband and wife.

2.  Tenants in common:

If title to the property specifically describes the parties as tenants in common or, if there is no express indication of a right of survivorship between two unmarried persons, there is a presumption that the property is owned amongst the parties as tenants in common.  In this ownership form, each tenant in common may freely transfer his or her interest and leaves his or her share of the property to his or her heirs or beneficiaries.

3.  Joint tenancy with right of survivorship:

Two or more unmarried persons.  The surviving persons will own all of the property upon the death of others.  If it is your intent to establish a joint tenancy with the right of survivorship, you should expressly indicate on title to the property the “right of survivorship”.

– Spencer R. Munns, Esq., is a shareholder Bogin, Munns, & Munns, P.A., a full service law firm with offices in Orlando, Clermont, Kissimmee, Deltona, Daytona Beach, Ocala, Melbourne, Gainesville, and Leesburg, Florida.  He welcomes questions and comments regarding the above and can be reached at smunns@boginmunns.com.

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