Florida Homestead
Homestead protection in Florida applies to what type of property?
The owner's primary residence.
Who signs for a property that is owned by a trust?
The Trustee
What tenancy is only for married couples in Florida?
Tenants by the Entirety.
What are the Three D’s?
Deed, Death, Divorce.
What is the main difference between a purchase and a refinance?
A purchase is buying a new home; a refinance is replacing the mortgage on a home the borrower already owns.
If someone is married and selling their homestead property, who needs to sign with them?
Their spouse.
What does a Trustee do?
They sign and handle paperwork for the trust and/or the beneficiary.
In Tenants by the Entirety, what happens if one spouse dies?
The other spouse automatically owns the whole property.
Why do we care about the Three D’s in Florida?
They tell us when a spouse’s rights in the home can be removed.
In a Florida refinance, why does the spouse usually need to sign?
Because the home is their primary residence (homestead).
Why does the spouse need to sign when selling a homestead property?
Because Florida gives the spouse certain rights in the home.
What is a life estate?
Someone can live in the home for the rest of their life.
What does Joint Tenants with Rights of Survivorship mean?
If one owner dies, the other owner(s) automatically get the deceased owner's interest in the property.
What does “Deed” mean in the Three D’s?
The spouse signs the deed to release any rights they may have to the property.
In a purchase, who signs the deed to transfer the property?
The seller (owner).
What happens if the spouse does NOT sign when a homestead property is sold?
The owner doesn't pass on clear title to the buyer.
After the life estate tenant dies, who gets the property?
The next person named (the remainderman).
What does Tenants in Common mean?
Each owner has their own separate share of the property.
What does “Death” mean in the Three D’s?
Death Certificate or death affidavit. The spouse has passed away and the death certificate or affidavit must be recorded in the records.
Why don’t refinances usually change who owns the home?
Because the borrower keeps the property; only the loan changes.
When is a spouse not required to sign?
When the home is not their primary residence.
What is a Lady Bird deed?
Enhanced Life Estate; Life tenant can sell or mortgage without the remainderman.
If there is no vesting on the deed, what tenancy is assumed?
Tenants in Common
What does “Divorce” mean in the Three D’s?
The marriage is over, so the spouse no longer has rights in the home. Settlement Agreement and Final Divorce Decree are required for review.
What does the seller do in a purchase that doesn’t happen in a refinance?
They sign a deed to transfer ownership of the home to the buyer.