Key West Real Estate Ownership Options

What form of real estate ownership is best for a home in key West?

To take title to the home, ownership must be declared in one of various ways. This may be as a single real estate owner, joint tenancy, tenancy in common, or tenancy by the entirety. Each offers various advantages and disadvantages, depending on your personal situation. These options are discussed below, and also in the chapters on real estate ownership and wills and estate planning.

How is real estate ownership affected if I live in a community property state?

Community property states include Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. If you live in a community property state, state law holds that the property you bought while married belongs to each member of the couple equally, no matter whose money actually paid for it and regardless of whose name is on the title.

This provision generally applies to property acquired during the marriage, rather than property owned before the marriage or property that is inherited during the marriage. But state laws vary and you would be wise to discover how community property laws in your state apply to any real estate purchase under consideration and what form of ownership is best for your situation.

Options for Owning Real Estate in Key West

Most married couples own property in joint tenancy or as tenants by the entirety. There are other options and the option that is best for you will depend on a variety of factors such as your estate tax situation and provisions you may want to make for children, step-children, or other relatives. For example, couples who have children from previous marriages may want their home equity transferred to their children upon their death, rather than to the spouse. Couples who are joint tenants may want to provide in their wills for the distribution of property if both die simultaneously. Be sure to consult an attorney about the various advantages and disadvantages of different types of ownership so that you can make an informed decision about the form of ownership that is best for you.