You need to know – What is a tenancy at sufferance?

YouNeedToKnowWeb500A tenancy at sufferance is a nonfreehold estate where the tenant has possession of the property with no agreement with the landlord

A common example of a tenancy at sufferance is where a tenant remains in possession of the property after a lease has expired

A tenancy at sufferance can be terminated by either by the landlord or tenant without notice in which case the tenant would owe the landlord the fair market rent for the period of occupancy

You need to know – What are the bundle of rights?

YouNeedToKnowWeb500There are four legal rights of ownership of real property; these are known as the bundle of rights:

  • Disposition – the right to sell the property
  • Use – the right to quiet enjoyment of the property (that is, its use) without being disturbed and the right to determine how the property is used
  • Possession – the right to occupy the property
  • Exclusion – the right to prevent others from using the property

Each of these rights can be transferred independently; for example if an owner grants a lease to a third party, the right to possession is being transferred for the duration of the lease

You need to know – What are homestead rights?

YouNeedToKnowWeb500A homestead is defined in the Florida constitution as any real property owned by the head of a household  who resides in it

In the case of married couples, either spouse can claim to be head of household

Homestead property is exempt from the forced sale to satisfy personal judgements such as credit card and personal loans as well as being excluded from bankruptcy assets available to creditors

However, homestead property can be foreclosed for debts that relate to the property (such as mortgage loans)

Homestead property is limited to one half of one acre if located within a municipality or 16o contiguous acres if outside a municipality

The homestead tax exemption is a benefit provided by the State of Florida rather than a right

You need to know – What is a joint tenancy?

YouNeedToKnowWeb500A joint tenancy (also known as a joint estate) is a fee simple estate in which 2 or more persons have equal and undivided interests

There are four unities required to create a joint tenancy; all tenants must have:

  • equal rights of use and possession
  • equal and undivided interests
  • acquired their ownership at the same time
  • acquired their ownership by the same deed or conveyance

In Florida a true joint tenancy must have the right of survivorship explicitly stated on the deed

A joint tenant can sell the ownership interest during his or her lifetime.  The purchaser will be a tenant in common since the ownership interest was not acquired at the same time nor by the same deed as the seller

A joint tenancy has the right of survivorship; when one joint tenant dies his or her interest passes to the surviving joint tenants.  Thus a joint tenancy cannot be left in a will

You need to know – What is tenancy in common?

YouNeedToKnowWeb500Tenancy in common (also known as estate in common) is a fee simple estate held by 2 or more persons where each person has an undivided interest in the whole property

The shares that each has in the ownership may be equal or unequal

All owners have equal rights of use and possession

An owner may sell his or her interest in the property without the consent of the other owners and and without affecting the rights of the other owners

An owner may leave his or her interest in a will; if the owner dies intestate (without leaving a will) the interest will descend to the owner’s heirs