Co-owners with a right of survivorship each have a right to automatically receive the other owner’s interest if the other owner dies first. The name survivorship deed refers to a deed that transfers real estate to co-owners who share a right of survivorship. Lady bird deeds can also have tax and Medicaid-planning advantages.
An owner can use a lady bird deed to avoid probate without giving up control of the property. The special features of lady bird deeds make them highly useful in estate planning. A Florida lady bird deed allows a property owner to keep broad rights over the property-including the right to amend or revoke the deed without involving the remainder beneficiaries. Florida Enhanced Life Estate Deed FormĮnhanced life estate deeds-commonly called lady bird deeds-are a special form of life estate deed that only a few states recognize. Traditional life estate deeds allow property to avoid probate, but they have a significant drawback: An owner who signs a traditional life estate deed cannot sell, mortgage, convey, gift, or otherwise transfer complete ownership of the property without the remainder beneficiaries’ consent. The life tenant keeps the property for life, and the remainder beneficiaries take title to the property when the life tenant dies. Florida Life Estate Deed FormĪ Florida life estate deed divides ownership between the current owner-called the life tenant-and the future owners-called remainder beneficiaries. Florida estate-planning deeds are named based on how they avoid probate-not based on their warranty of title. What types of estate planning deeds are used in Florida?įlorida also recognizes types of deeds that are used to avoid probate of Florida real estate. We’ll go over the options that are available in Florida and provide guidance on choosing the deed form that matches your goals. Questions about what Florida deed form is right for you?Ĭlick the link below to use our guided interview. Special warranty deeds include no guarantees about the property’s title before the current owner acquired the property. An owner who transfers property with a special warranty deed guarantees that he or she has done nothing to cause title problems. A special warranty deed’s limited warranty only covers the period when the transferor owned the property. Florida Special Warranty Deed FormĪ Florida special warranty deed form provides a middle-ground alternative between a Florida warranty deed’s complete warranty and a Florida quitclaim deed’s lack of warranty. 2 This means that the current owner who signs a Florida warranty deed could be legally responsible for title issues that arose before the current owner acquired the property. 1 The warranty is not limited to the time that the current owner owned the property and instead covers problems at any point in the property’s chain of title. Florida General Warranty Deed FormĪ Florida warranty deed form-sometimes called a general warranty deed-transfers property with a complete warranty of title that covers all prior issues with the property’s title. For example, a quitclaim deed might transfer property as a gift or add an owner’s spouse to the title. The transferee has no legal recourse against the person who signed the deed if there are title issues or if the transferor did not really own the property.įlorida deeds that involve no consideration-or value given in exchange for the deed-are often quitclaim deeds. Quitclaim deeds make no promises about whether the transferor has clear title to the property (or any interest at all).
The transferee receives whatever interest the transferor has in the property when signing the deed. Florida Quitclaim Deed FormĪ Florida quitclaim deed form provides no warranty of title. Three of Florida’s most common deed forms are defined by the warranty of title that they provide or don’t provide. Warranty of title is a guarantee that the person who signs a deed actually owns the property and that there are no problems with the property’s title. Florida recognizes several forms of deeds. By signing a deed, the current owner (the grantor) transfers property to the new owner (the grantee). What types of deeds are used to transfer Florida real estate?įlorida real estate is transferred by a document called a deed. Just complete a user-friendly interview and get a customized deed that is attorney-designed to meet Florida recording requirements.
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