When buying property, choosing how to hold the title is one of the most important decisions in Orlando, FL. Researching multiple ownership options is important. It affects taxes and inheritance. You should make this choice carefully based on your situation.
Let’s Break Down The Most Common Options:
- Sole Ownership: Also called “sole proprietorship“, this option is great for single buyers. It gives full ownership to one person. Simple, but it offers no built-in succession plan.
- Joint Tenancy: This option is great for couples. It gives equal ownership and the right of survivorship. This means the surviving owner automatically gets the other’s share.
- Tenancy by the Entireties means that a married couple owns the property together. Each spouse owns the whole property. If one spouse dies, the other takes full ownership.
- Tenancy in Common: This option lets several owners have different shares. They can pass their ownership to heirs. This makes it a flexible choice for partnerships or family investments.
Choosing the right ownership type depends on your goals, family situation, and financial planning needs.
At Simply Close Title, we’re here to guide you through the decision-making process. Our team can explain the pros and cons of each option, ensuring you make an informed choice.
Contact us today to discuss your title holding options and take the next step toward securing your property!
