Legal Question in Real Estate Law in Florida

InFlorida can a homeowner elect to add a 2nd person to a deed?

Asked on 9/09/13, 8:36 am

2 Answers from Attorneys

Barry Stein De Cardenas, Freixas, Stein & Zachary

yes, but don't do it without speaking to an attorney. there are income tax implications to it. There are also ad valorem tax issues that can be impacted.

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Answered on 9/09/13, 8:39 am

Byron Petersen Byron G. Petersen P.A.

As many as you like... but you may find placing the property in an LLC., a corporation, or a regular general partnership and handing out shares/interests may be a better way to proceed. You MUST talk with a CPA. There are estate planning and perhaps other tax implications that should be explored.

Under all circumstances be aware of the difficulty of selling or leasing in the future (if one or more co-owners object). To resolve this a court may have to once again divide up the participants (a partition action) or even appoint a trustee over the property. An expense you will not want to bear. Don't let anyone rush you into co-ownerships without slow and thoughtful consideration.

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Answered on 9/09/13, 9:57 am

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