Deeds indicate, and are generally
required to transfer, ownership of real estate. A deed contains the names of the
owner of the property and new owners and a legal description of the property and
is signed by the person transferring the property. The different kinds of deeds,
such as the warranty deed, quit claim deed and grant deed, transfer different
interests in property. For example, a seller conveying property by a general
warranty deed assures good and marketable title to the buyer and will defend the
tile to the property from all persons. In contrast, a seller conveying property
by a quit claim deed conveys only what title the seller may have to the
property, with no warranty as to ownership or defects in the title. In Florida a
deed must be signed by the owner(s) of the property and two subscribing
witnesses.
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A signed deed should be recorded,
or filed, in the appropriate County records office, in the county in which the
property is located. To record the deed, a person must deliver the signed,
original deed to the land records office, and the clerk will stamp the deed with
the date and officially record the transaction. The county will charge a small
fee to record the deed and will collect any taxes due on the real estate
transaction. Recording the deed gives public notice of the change in ownership
and the interests in the property.
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A joint tenancy is an arrangement in which more than one person owns a piece of property. Many spouses own their property as joint tenants, with equal shares in the property. Joint tenancy can include a right of survivorship, which allows the property to transfer to the other tenants when one joint tenant dies.
Joint tenancy is just one way that people can hold property jointly. Tenancy in the entirety is similar to joint tenancy, except each spouse holds an undivided half of the property. Tenants in common can own unequal shares of property and is a common way for commercial partners and cohabiting unmarried couples to hold property.
Our
attorneys can help you to determine which form of ownership is most beneficial
under his or her specific circumstances.
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When
a bank or other financial institution provides a loan for the purchase of real
estate, a mortgage interest is created. The bank's loan is secured by an
interest in the property. State laws interpret mortgages differently, resulting
in different consequences if the borrower fails to make a payment. Mortgages can
be fixed rate (interest rates and monthly payments stay the same throughout the
life of the loan) or adjustable (interest rates may vary with economic changes
and monthly payments change accordingly). Some government programs offer special
mortgage rates or programs for veterans or other individuals. Some homeowners
will take on a second mortgage or a home equity loan secured by their property
for home improvement or other financial needs. All of these mortgage interests
can be foreclosed if the homeowner does not meet his or her financial
obligations under the loan.
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If a
homeowner fails to make mortgage payments, the lender may foreclose on the
property. Depending on state law and the terms of the mortgage contract, the
lender may do a statutory foreclosure without going to court or a judicial
foreclosure in court. State laws provide strict regulations regarding proper
notices and opportunities to pay before the property is sold in a foreclosure
sale. In several states, a homeowner may stay in his or her home during a
foreclosure. A lender may want to avoid foreclosure and its costs by working out
an agreement with the homeowner, frequently accepting interest-only payments or
partial payments in order to assist the homeowner. If your home mortgage is at
risk of foreclosure, you should consult with one of our attorneys as soon as
possible.
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Kaprow & Stratton, PL, has offices in Winter Springs, Florida and practices law in the areas of Wills, Trust, Probate Law, Real Estate Law, Construction Law, and Business Law, We also service other cities in the Orlando FL area including; Oviedo, Altamonte Springs, Fern Park, Maitland, Winter Park, Casselberry, Longwood, Chuluota, Lake Mary, Orlando, Seminole County, Orange County, Osceola County, Volusia County, and Brevard County
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