Once you have selected the preferred Orlando home, depending on your personal taste and style, you then have to decide on how to register the title of your home. Making the right decision when it comes to the title is extremely important, since it involves real estate planning and taxation issues and other legal procedures. However, there are Certified Public Accountants or CPAs and real estate attorneys, who are well equipped to help you in the process.
How to take the title of your Orlando home when you are buying alone?
When buying alone, the title can be registered in your own name, which is officially termed as Sole Ownership. You can choose this title for a number of reasons, namely if you are single, if you are legally divorced or if you are married but still want to invest in the property in your own name. However, if you are currently married, your spouse is expected to surrender his right on the concerned property, during the registration process. On the other hand, you can also choose to hold the title of the property in the name of a living trust. A living trust can only be created in the name of individuals still alive.
How to take the title of your Orlando home when you are buying with others?
If you have decided to invest in a certain property, jointly with friends or business associates, you can choose a Tenancy in Common. The Tenancy in Common provides every partner with the right to lease, sell or even pass on the property to his next of kin. In this clause, the included persons can hold the title to their individual share of the property, based on the contributions made by them. In addition, you can also choose to invest in a joint tenancy, where all the members will have equal possession rights to their particular share of property. This differs from Tenancy in Common because, if a partner dies, his share of the property gets distributed amongst all the other surviving partners.
Under a joint tenancy, any number of persons can make contributions. If you are married and you wish to hold a joint title, in the name of your spouse as well as yours, you can opt for a Community Property. A Community Property legally registers the property in both names. A Community Property title is only applicable in the case of married couples. Both, the husband and the wife have equal possession rights to the concerned property.
Apart from this, you can hold the title of the property in the name of two or more persons who are in partnership with each other. The partners receive equal possession rights to their individual share of the property. In addition, you can also opt for holding the title in the name of a particular trust, wherein the lawful title of the respective property will be transferred to the trustee. The title of the property can be held in the name of a particular corporation too. The corporation is highlighted as a separate legal unit, created legally.
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