Real Estate FAQs

The deed, the estate plan and Florida’s homestead rules work together. Common ownership arrangements include:

• Sole ownership. One person owns the property. At death, transferring title may require probate or a homestead determination unless another effective arrangement applies.
• Tenants in common. Owners hold separate shares, which need not be equal. A deceased owner’s share follows that person’s estate plan or the applicable inheritance rules, subject to homestead protections.
• Joint tenants with right of survivorship. A valid survivorship provision generally passes a deceased owner’s interest to the surviving owner or owners. The last survivor still needs a plan. A co-owner’s creditor issues also deserve attention.
• Tenancy by the entirety. This form is available to married couples and combines survivorship with protection from many separate creditors of one spouse. Joint debts and legal exceptions still matter.
• Trust ownership. Properly transferred property can be managed and distributed under the trust’s terms, generally outside probate for that property.
• Enhanced life estate, or Lady Bird, deed. A properly drafted deed can reserve broad lifetime powers while naming the people who receive the remaining interest at death.

The right choice should account for control during life, family needs, taxes, creditors and the next owner’s circumstances. See Florida’s survivorship statute and our probate and trust comparison.

In a condominium, you generally own your unit as real property by deed, together with an undivided interest in the common elements. Estate-planning transfers should be coordinated with the declaration, association requirements, mortgage, insurance and applicable homestead rules.

In a cooperative, the association owns the underlying property or leasehold. Your ownership and occupancy rights generally arise through shares or a membership interest and the cooperative documents, often including a proprietary lease. The documents may impose transfer or approval requirements that affect a trust, an heir or another proposed recipient. Reading them first helps identify the right planning approach.

Both arrangements can qualify for Florida’s homestead tax exemption when the applicable ownership and residency requirements are met. Chapter 718 governs condominiums, and chapter 719 governs cooperatives. The legal structure affects how the interest is transferred, even when the homes look much alike.

A properly executed and delivered deed may be effective between the parties before it is recorded. Recording it in the official records of the county where the land lies helps protect the conveyance against later claims. Under Fla. Stat. 695.01, an unrecorded conveyance can be ineffective against creditors or later purchasers for value who lack notice. Proper recording also gives constructive notice, subject to the rules governing the instrument and chain of title.

Recording builds the public chain of title that a title examiner follows when the property is sold or mortgaged. For an estate plan, it is an important completion step for a deed to a trust or a Lady Bird Deed. We arrange recording of the deeds Spiro Verras prepares as part of that planning, so you have help carrying the plan through.

Two important considerations are Florida’s homestead exemption and the Save Our Homes assessment cap. Under Article VII, section 6 of the Florida Constitution and Fla. Stat. 196.031, a qualifying owner who makes the property a permanent residence as of January 1 may exempt part of its value from property taxes. Once the Save Our Homes cap applies, annual assessment increases are generally limited to the lower of 3 percent or the applicable change in the consumer price index. Over time, the difference between assessed value and market value can be substantial.

A deed should be reviewed before it changes hands: Some transfers trigger reassessment, while statutory exceptions preserve the existing assessment treatment. A properly structured transfer to a revocable trust or a Lady Bird Deed may preserve the owner’s homestead benefits. Adding another owner also requires review; it is not automatically a reassessment event in every case. Spiro considers the ownership, retained rights and homestead treatment together when preparing an estate-planning deed.

Property, gift and income-tax questions often overlap. Spiro can coordinate the legal planning with your CPA’s advice on deductions, reporting and the tax consequences of a proposed transfer. See Florida’s Save Our Homes statute and homestead ownership provisions.

A quitclaim deed transfers whatever interest the grantor has, if any, without warranties of title. A general warranty deed includes promises about title, subject to its terms and stated exceptions. A special warranty deed generally limits those promises to claims arising through the grantor’s own ownership.

The choice should fit the transaction. A warranty deed does not itself cure a title defect, and a quitclaim deed is not automatically defective or unsuitable. For an estate-planning transfer, Spiro reviews the existing ownership, the intended recipient and the warranties appropriate to the circumstances. The title policy should also be checked to determine whether coverage continues or an endorsement is needed. That review is more useful than assuming any one deed form always protects the title.

It is a natural way to think about keeping a home in the family, but the deed should be reviewed before ownership changes. After a spouse’s death, the first step is to confirm the existing title and any homestead or estate-administration requirements.

Adding a child as a present owner can make a lifetime gift and give that child rights that affect a later sale, mortgage or change of plan. The child’s creditor or family circumstances may also affect the arrangement. What happens if the child dies first depends on the deed’s ownership and survivorship provisions.

Taxes deserve a separate comparison. Lifetime gifts generally carry the donor’s income-tax basis, while qualifying inherited property generally receives a basis adjustment at death. Retained rights and estate inclusion can change the analysis, so an outright gift does not automatically produce the same result as an inheritance.

If your goal is to retain control while arranging the home’s eventual transfer, a properly drafted Lady Bird Deed or revocable trust may be worth considering. Either requires review of homestead, taxes, financing, insurance and the intended beneficiaries. Spiro can help compare those choices with adding a co-owner.

A closing brings the agreed steps of a real estate transaction together: The parties sign the required documents, funds are disbursed under the closing instructions, and the deed and any mortgage are recorded. Signing may happen in person or through an authorized remote process. The closing agent coordinates the documents, title requirements and funds; title insurance arrangements depend on the transaction.

Spiro’s real estate work is closely connected to estate planning, trusts and administration. It may involve a deed to a trust, a Lady Bird Deed, a corrective deed, a personal representative’s deed or the transfer of a home after a death. When a purchase or sale calls for a closing lawyer or title professional, he can help you connect with the right person and remain involved as you would like.