This form is a Joint Tenancy Deed where the grantor is an individual and the grantees are husband and wife.
Joint tenants with right of survivorship (TWOS) is a type of co-ownership agreement that individuals can establish when owning property in Florida. This form of ownership grants two or more co-owners, commonly referred to as joint tenants, equal rights and interests in the property. In the event of the death of one of the joint tenants, their ownership share automatically transfers to the surviving co-owners. Under Florida law, there are mainly three types of joint tenants with right of survivorship deeds: Joint Tenancy, Tenancy in Common, and Tenancy by the Entirety. 1. Joint Tenancy: Joint tenancy is a popular form of co-ownership. It establishes an undivided interest in the property, with each joint tenant having an equal ownership stake. A significant characteristic of joint tenancy is the "right of survivorship," meaning that upon the death of one joint tenant, the deceased's share passes directly to the surviving joint tenants without going through probate. 2. Tenancy in Common: While joint tenancy implies equal shares, tenancy in common allows co-owners to hold different ownership percentages. Each tenant in common has the right to sell or transfer their interest independently without the consent of the other owners. In the event of the death of a tenant in common, their share becomes part of their estate and does not automatically transfer to the surviving co-owners. 3. Tenancy by the Entirety: Tenancy by the entirety is a unique form of joint tenancy available to married couples in Florida. It provides an advantage by granting each spouse the right of survivorship. This means that if one spouse passes away, the surviving spouse automatically becomes the sole owner of the property. In order to create a joint tenancy with right of survivorship in Florida, individuals must prepare and sign a specific deed known as a "Joint Tenancy with Right of Survivorship Deed" or "TWOS deed." This deed clearly outlines the intention to establish a joint tenancy and includes the names of all joint tenants, their respective ownership shares, and the property details. It's important to note that consulting an attorney or a real estate professional is highly recommended when creating a joint tenancy with right of survivorship deed in Florida. They can provide accurate guidance, ensure compliance with state regulations, and assist in drafting a legally binding document customized to the co-owners' specific needs and circumstances.
