Florida is a lien theory state, which means your mortgage is recorded and becomes a lien on the property, and you hold the title. Florida is not a community property state, nor a title theory state, where the lender holds the title until the property is fully paid. The title vesting laws in Florida, or how you hold real estate title, offers several options.
You can take title in your name as the sole owner if you are single, married or divorced. If you are married, your spouse will have to sign a document surrendering any future claims to the property.
Tenancy by the Entirety
Tenancy by the entirety is a vesting option for married couples designed to prevent probate. Both spouses are treated as single entities and upon the death of one spouse, the tenancy is completely transferred to the remaining spouse. This is similar to community property with right of survivorship.
This is a method of vesting for two or more persons. Persons holding joint tenancy may be married or they may simply be partners. When one title holder dies, the property rights are redistributed equally among the remaining title holders.
Tenancy in Common
Any number of persons can hold title by this method, and unlike joint tenancy, each partner owns a percentage of the real estate, which he can sell, lease or leave to his heirs in his will. Partners can hold unequal portions of the total value of the real estate.
Other Ways to Take Title in Florida
Florida Law also allows you to take title in the name of a corporation, partnership or living trust.