Home ownership is the American Dream! When you are ready to purchase a home, you usually begin the process of visiting neighborhoods until you narrow it down to a few perfect areas where you would love to live. You find your dream home or lucrative investment property and now you are ready to make an offer.
It can take months of searching, 45 days to get financing and weeks of negotiating but it can take one minute to make a mess! How you write your offer is how you will be able to take ownership of the property at closing.
Here are some of your main options available in Florida:
1. Fee Simple (ownership as a single owner)rea
2. Tenants in common
3. Tenants by the Entirety (as husband and wife)
4. Joint Tenants with right of survivorship
5. Life Estate
6. Holding Company
7. Revocable Trust
Each option has different inheritance, tax and practical characteristics that may or may not work for you. The best option is to make sure you consult with a Real Estate Lawyer prior to entering into a contract. It is also important that a Real Estate Lawyer is acting as a closing agent so that you can be advised as to which of these 6 options above is best for you and your family or portfolio.
Real estate in South Florida is booming now more than ever and Grimaldi Law Firm is prepared to help you with your home buying needs. Melinda Grimaldi, the firm’s founder, has been a real estate attorney for over 8 years and wants to make buying a home in Florida a great experience for you.
At Grimaldi Law Firm, your future is our present.
Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on the information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.