Legal Question in Wills and Trusts in Florida

The wording on the deed is "Joint tennants with rights of survivorship". I am not her only living relative. She has 2 sons and a daughter, they are both aware of the deed including the survivorship. What is a "deed in lieu"?

Asked on 3/20/13, 1:31 pm

3 Answers from Attorneys

Sanford M. Martin Sanford M. Martin, P.A.

A deed in lieu or DIL is an option often used in foreclosure cases as a means to

transfer the property from the borrower to the lender rather than require foreclosure.

There is usually a DIL agreement which specifies related provisions concerning

liens on the property, deficiency judgments, etc. Under the proper agreement, it

can serve the needs of lender and borrower.

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Answered on 3/20/13, 1:56 pm
Lucreita Becude Lucreita D. Becude, P.A.

Joint tenants with rights of survivorship means that when one of your die "all the interest in the property goes to the survivor". a deed in lieu means a deed in lieu of foreclosure - meaning you give the house to the bank and they release any definciency judgment they have one it. Don't let these people fake you into giving them the property. If she wanted them to have it, she would have added them to the deed.

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Answered on 3/20/13, 1:56 pm
Barry Stein De Cardenas, Freixas, Stein & Zachary

The survivorship interest means that when one party dies the other inherits the property outside of any probate. Deed in lieu usually refers to a circumstance where a lienholder accepts title to a property in lieu of foreclosing and getting a judgment and potentially an excess judgment.

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Answered on 3/20/13, 2:17 pm

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