Living in Charlotte County Florida

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Ownership of a property

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A freehold estate is an estate involving ownership.  There are two types of freehold estates – fee simple and life estate.

In a fee simple estate which means you have 100% ownership, there are four ways it can be held.

1.  estate in severalty – sole ownership

2.  tenancy in common – held by two or more persons.  Each person has undivided interest in the whole property.  All owners have equal rights.

3.  joint tenancy – shared by two or more persons that must have equal and undivided interests.

4.  tenancy by the entireties – an estate for husband and wife only.

A life estate is created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed.

Seek advice of a real estate lawyer in order to determine which type of estate you would like when owning a property.

Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL


Author: tammyhayes

I am a residential realtor serving Charlotte and Sarasota Counties in sunny, southwest Florida. Contact me for all of your real estate needs. I am professional, ethical, informational, and understanding. I will be with you to assist you every step of the way. Whether you are buying or selling a home, I can help.

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