Anna and Bob are unmarried partners who purchase a home in Gainesville. They want maximum creditor protection and survivorship rights. Their attorney explains they cannot create tenancy by the entirety. What is the best alternative ownership form available to them in Florida?
Correct Answer
B) Joint tenancy with right of survivorship
Correct: Joint tenancy with right of survivorship provides automatic survivorship rights for unmarried couples, which is the closest alternative to tenancy by the entirety available to non-married persons. Why not A: This requires probate and doesn't provide automatic survivorship. Why not C: Florida doesn't recognize community property. Why not D: This would require one person to own alone, eliminating co-ownership benefits.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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Previous Question
Emma and Frank own a duplex in St. Petersburg as joint tenants. Emma wants to mortgage her interest to start a business, but Frank refuses to sign the mortgage documents. Under Florida's lien theory of mortgages, what can Emma do?
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In Florida, what language must appear in a deed to create joint tenancy with right of survivorship?