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Once you have selected the preferred Orlando
home, depending on your personal taste and style, you then
have to decide on how to register the title of your home.
Making the right decision when it comes to the title is extremely
important, since it involves real estate planning and taxation
issues and other legal procedures. However, there are Certified
Public Accountants or CPA’s and real estate attorneys,
who are well equipped to help you in the process.
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Taking title when you’re
buying alone?
When buying alone, the title can be registered
in your own name, which is officially termed as ‘Sole
Ownership’. You can choose this title for a number
of reasons, namely if you are single, if you are legally
divorced or if you are married but still want to invest
in the property in your own name. However, if you are currently
married, your spouse is expected to surrender his right
on the concerned property, during the registration process.
On the other hand, you can also choose to hold the title
of the property in a living trust’s name. A living
trust can only be created in the name of individuals still
alive.
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Taking title when
you’re buying with others?
If you have decided to invest
in a certain property, jointly with friends or business
associates, you can choose a ‘Tenancy in Common’.
The Tenancy in Common provides every partner with the right
to lease, sell or even pass on the property to his next
of kin. In this clause, the included persons can hold the
title to their individual share of the property, based on
the contributions made by them. In addition, you can also
choose to invest in a joint tenancy, where all the members
will have equal possession rights to their particular share
of property. This differs from Tenancy in Common because,
if a partner dies, his share of the property gets distributed
amongst all the other surviving partners.
Under a joint tenancy, any
number of persons can make contributions. If you are married
and you wish to hold a joint title, in your spouse’s
name as well as yours, you can opt for a ‘Community
Property’. A Community Property legally registers
the property in both names. A Community Property title is
only applicable in the case of married couples. Both, the
husband and the wife have equal possession rights to the
concerned property.
Apart from this, you can hold
the title of the property in the name of two or more persons
who are in partnership with each other. The partners receive
equal possession rights to their individual share of the
property. In addition, you can also opt for holding the
title in the name of a particular trust, wherein the lawful
title of the respective property will be transferred to
the trustee. The title of the property can be held in the
name of a particular corporation too. The corporation is
highlighted as a separate legal unit, created legally.
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