Real “Estates” – How Should I Take Ownership?
Randy Gilbert, J.D.
Chief Happiness Officer
Florida’s Title Insurance Company
(954) 500-Title (8485)
Why is it called Real Estate? Florida has a limited number of estates in land. The term ‘’estates’’ refers to interests in land. This article discusses types of estates recognized in Florida.
I. Fee Simple Absolute a/k/a Fee Simple. “A title in fee simple is the highest quality of estate in land known to law.” It represents the most comprehensive group of rights a person may have in land, including exclusive: possession, use, and enjoyment. The holder is free to assign, convey, or devise (i.e. will) the whole or part of their fee simple estate. Unless a contrary intention appears in the deed, it is generally presumed that the recipient (called a grantee) is getting fee simple title.
II. Fee Simple Determinable. In laymen’s terms, You can have the property but I get it back if…. A fee simple determinable typically uses words like “so long as,” “until” or “during that time.” The estate will automatically terminate upon the occurrence or nonoccurrence of some contingency or event. For example, A conveys to B so long as the land is used for residential purposes, and when the land is no longer used for residential purposes, will revert to A. In the hypothetical B gets a Fee Simple Determinable because B’s ownership will end if the contingency happens. Prior to the occurrence of the terminating event, B has all the rights and liabilities of a fee simple absolute owner i.e. absolute right to exclusive possession, use, and enjoyment. If however, B wants to assign, convey, or devise B’s interest B would need to either have A sign off or transfer the property subject to the contingency. … Read the rest of this article in full at https://ftic.net/articles/.
FTIC is a national award winning title insurance company known for its white glove customer service and “No Junk Fee Guarantee.” ®