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Furthermore, as a tenant-in-common, the surviving spouse is responsible for 50% of the mortgage principal, interest, taxes, and maintenance, along with the remaindermen.
The most popular method for older clients who want to avoid probate and ensure their property passes to their children was to use a quitclaim deed conveying a life estate to the parent, with the remainder to the child.
Yes, it should. In Florida, the clerk of court is responsible for recording deed transaction. When the transaction is recorded, it provides notice to others that the transaction occurred. And notice can be very important if there is a dispute later over the property.
A Lady Bird deed is a life estate and a remainder deed with the life tenant, the grantor of the deed, retaining the right during their lifetime to revoke that designation.
This fee is typically $27.70.
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This fee is typically $27.70.
To be valid in Florida, a lady bird deed must include: Grantor. The current owner of the property. Enhanced life estate. The power to control the property during lifetime. Remainder beneficiary. The person who will inherit the property after the owners death. Legal description. Homestead provision.
Therefore, the life estate holder can mortgage, lease, rent, or sell the property without needing the consent of the remaindermen named in the deed.
Yes, it should. In Florida, the clerk of court is responsible for recording deed transaction. When the transaction is recorded, it provides notice to others that the transaction occurred. And notice can be very important if there is a dispute later over the property.
You can use a quitclaim deed in Florida even if the property is encumbered by a mortgage. The quitclaim deed does alter or transfer the mortgage and does not change personal liability to pay the mortgage note.