Step 3. Determine the "tenancy" of ownership.

Why? By statute, tenants in common are treated differently than tenants by the entireties and joint tenants with right of survivorship.

Definitions

• tenancy - the holding of property by any form of title.

• tenancy by the entirety - an estate held by a husband and wife in which neither has a disposable interest in the property during the lifetime of the other, except through joint action. See 689.11 FS. for clarification of conveyances.

• joint tenancy - joint ownership by two or more persons with an undivided interest in the property, with the right of survivorship. See 689.15 FS. for clarification of how this doctrine shall not prevail in Florida and the specific requirement for its creation.

• tenancy in common - an estate held by two or more persons, each of whom has an undivided interest.

Legal Authority and Reference

Article VII, Section 6, Florida Constitution:

The real estate may be held ... by the entireties, jointly, in common, as a condominium, or indirectly by stock ownership or membership representing the owner's or member's proprietary interest in a corporation owning a fee or a leasehold initially in excess of ninety-eight years. See also 196.031(1) Florida Statutes

Florida Statutes, 689.15 Estates by survivorship.-

The doctrine of the right of survivorship in cases of real estate and personal property held by joint tenants shall not prevail in this state; that is to say, except in cases of estates by the entirety, devise, transfer or conveyance heretofore or hereafter made to two or more shall create a tenancy in common, unless the instrument creating the estate shall expressly provide for the right of survivorship; and in cases of estates by entirety, the tenants, upon dissolution of marriage, shall become tenants in common.
History.--s.20, Nov. 17, 1829; RS 1819; GS 2294; RGS 3617; CGL 5482; s.3, ch. 20954, 1941; s. 1, ch. 73-300.

Practice

• E. Husband and wife generally have which type of tenancy?                                        

• F. True or false? Tenancy in common splits a property between joint owners.

What To Do

Go to step 4.