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Q: - "My husband and I are purchasing a new home and the title insurance company has asked how we want to take title. We would like this home to go to our children, if anything should happen to us. What should we do?"
A: - General Warranty Deed, Special Warranty Deed, Quit Claim Deed, Tenants by the Entireties, Tenants in Common, Joint Tenancy, Tenants with the right of Survivorship. If you know what these terms mean it is because you must have gone to law school. This is not a simple subject. That is why only lawyers are allowed to counsel people on this subject. In Florida, unless the contract says otherwise, you will receive a General Warranty Deed because it is the most powerful deed, containing six warranties and six covenants. If you are not getting a Warranty Deed, there should be a very good reason. A deed is only as good as the person signing it and that is why you should always get title insurance, which is a guarantee that you are receiving "clear", "marketable" title. Most husbands and wives want title to be in their names, as Tenants by the Entireties. That means that instantaneously upon the death of the first spouse the remaining spouse will own the property out right. Do not confuse the real estate subject, "how do we take title" with the estate planning subject, "what happens to the property when we die. " Who gets the property when both are deceased is a question that should be answered in your Last Will and Testament, or better yet, in your Revocable Living Trust.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.