8% CHAPTER 8: Property Rights: Estate and Tenancies, Condominiums, Cooperatives, and Time-Sharing

Livery of Seisin

"I own it and I have the right to sell it."; When the entire bundle of rights is sold

Tenants in Common

- An individual interest in group ownership. The law presumes it, unless otherwise stated. - Interests may be unequal or equal. One person can own a larger share of the property than another. - There is an undivided interest in the property. All the owners have an interest in the whole property. (Can't divide up the house!) - One owner can sell one's interest without getting the approval of other owners. One does not need the permission of other owners to sell an individual interest in the property. - The interest of each owner is inheritable. It passes to heirs, not other partners. - One owner can force the others to either buy him out or file a Partition Law Suit in which the courts sell either the person's shares or the whole property.

How are Tenancy by the Entireties terminated?

- Death of either spouse-survivor becomes owner in severalty - Divorce (parties then become tenants in common) - Mutual agreement to sell the property - Foreclosure

Each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller's expense, to receive a current copy of the:

- Declaration of Condominium, - Articles of Incorporation of the Association, - Bylaws and Rules of the Association, - Financial information required by FS. 718.111, and - The document entitled "Frequently Asked Questions and Answers" required by s. 718.504.

Types of Freehold Interests

- Fee Simple Absolute - Fee Simple Defeasible

The Difference Between Real and Personal Property

- Real property is all the land, appurtenances, rights and privileges connected together. - Personal property is anything that is not real property. Personal property is the opposite of real property. Personal property is readily movable from one location to another.

Water rights include:

- Riparian - Littoral - Littoral Rights

Tenancy by the Entireties is an ownership by

- marriage only. - Owners must be husband and wife. - There is a right of survivorship. - Each has an equal and undivided interest. - The property is inheritable by the other partner upon death. Note: There is not a right to Partition, one spouse cannot sell the property without his/her spouse agreeing to the sale.

There are two types of estates:

1. Freehold 2. Leasehold

Real Estate includes:

1. Land plus appurtenances (rights, privileges, and improvements that belong to and pass with the transfer of the property). There are two types of appurtenances: a. Man-made appurtenances like houses, fences, barns, and swimming-pools (in other words, items that are added to the property). b. Natural appurtenances like trees, creeks and streams. 2. Air rights, gas rights, solar rights, light and sound rights, mineral rights, and surface rights. Each of these can be sold separately. 3. Water rights (littoral, riparian and prior appropriation).

There are four ways that property ownership can be held. They are:

1. Severalty 2. Tenancy in Common 3. Joint tenancy with the Right of Survivorship 4. Tenancy by the Entireties

Tom and Elaine are a married couple. They purchased a house together as a tenancy by the entireties. Will they still own the house together if they get a divorce? A. Yes, but they will own the house as tenants in common. B. Yes, but they will own the house as tenant by the entireties. C. No. The ownership is stopped when the divorce is final. D. No. They will need to become life tenants.

A. Yes, but they will own the house as tenants in common.

A river has deposited soil that had been carried downstream. The buildup soil on the bank is called what? A. Accretion B. Avulsion C. Erosion D. Reliction

A. Accretion

The purpose of the ________________________is to give statutory recognition to the condominium form of ownership of real property, and to establish procedures for the creation, sale, and operation of condominiums. A. Florida Condominium Act B. Florida Landlord and Tenant Act C. Florida Cooperative Act D. Florida Uniform Land Sales Practices Law

A. Florida Condominium Act

The ownership presumed by law unless otherwise stated is which of these forms? A. Tenancy in common B. Joint tenancy C. Periodic tenancy D. All of the above

A. Tenancy in common

Joe rents a building where he has an ice cream store. He wants to put in an ice cream freezer that will hold 28 varieties of ice cream. He will need to affix the freezer in order to obtain water and electricity to power the freezer. Can he do this? A. Yes. He is a commercial tenant and this is a trade fixture. B. Yes. He can affix the freezer, but he must leave it when his lease is up. C. No. This would be considered a fixture and he cannot damage the landlord's property. D. No. He cannot connect to the water and electricity.

A. Yes. He is a commercial tenant and this is a trade fixture.

Real property can be converted into personal property by A. severance. B. accession. C. conversion. D. affixing.

A. severance.

If the disclosure summary for a homeowner's association is not provided to the buyer prior to signing the contract for sale, the status of the contract is A. voidable at the buyer's option prior to closing. B. not affected. C. immediately void. D. voidable at the option of the seller within three days.

A. voidable at the buyer's option prior to closing. Florida law, chapter 720 F.S., requires disclosure of important Homeowner's Association (HOA) information prior to signing a contract for sale. If the disclosure is not given, the purchaser is not bound and may cancel the contract at any time before closing.

Riparian

Along a Navigable River, an owner owns to the water's edge. Along a Non-Navigable stream, the owners own the land to the center of the stream and the government owns the water.

Littoral

Along large navigable lakes or oceans, the owner owns to the average high water mark.

Life Estate

Although classified as a Freehold Estate, this type is not an inheritable type of Freehold as are the other types. This type of Freehold has all the other rights under the bundle of rights except the right to inherit. In either reversion or remainder, a life tenant owns an incomplete bundle of rights. The life tenant's heirs cannot inherit the Life Estate property. As a life tenant, the life tenant cannot: - Will - Waste All persons on the deed, life tenant and remainderman must sign to sell the property.

Littoral Rights

The body of real property law that defines an owner's interest when the property abuts a navigable large body of water such as an ocean, sea, or lake. Both riparian and littoral rights are tied to land that is adjacent to water. Generally, the property line ends at the mean high water mark.

Intent or Agreement of the Parties

What do the buyer and seller agree upon? The martin bird house tower may become personal property if the buyer and seller agree in the contract, even if the bird house has been cemented in the ground.

cooperative form of ownership (a coop)

differs from that of a contemporary estate in that a corporation actually owns the entire property. To obtain a unit within the building or community, the buyer purchases stock in the corporation. The stock ownership carries with it the right of occupancy (called a proprietary lease). The owner of the share in the Coop is also considered a unit owner for that portion of ownership. The corporation, not the unit owners, pays property taxes. The property taxes are then prorated based upon the shares of stock that accompany unit ownership. This pro-rated amount is tax deductible, as is mortgage interest, assuming the deductions meet the new 2018 tax revisions. In addition to a unit expense, a shareholder also pays a monthly fee for maintenance of the buildings, lands, or amenities. Failure to pay the monthly fee can cause the corporation to issue a lien that may result in foreclosure. The transfer of property is accomplished by the sale of stock in the corporation.

appurtenance

a right, privilege, or improvement that belongs to and passes with the transfer of property.

Which BEST describes a fixture? A. It is considered to be personal property. B. It was at one time movable. C. It is usually removed upon the sale of the property. D. It is not considered real property.

B. It was at one time movable.

Community Development Districts are often _____ with mixed uses. A. located near developments B. Planned Unit Developments (PUDS) C. very expensive developments D. paid by state taxes

B. Planned Unit Developments (PUDS)

The right of an owner to mine or dig on his property is called what? A. Air rights B. Subsurface rights C. Bundle of rights D. Littoral rights

B. Subsurface rights

Each homeowner in a condominium owns their unit in

fee simple

Interval Ownership consists of

fee simple ownership and is recorded and conveyed by deed for a specific time period. The owner may sell, lease or rent the property for the time period he owns it, just as they could any other property they own, subject to the Time Share Act of Florida Law.

The system of ownership of real property in the United States is A. incorporeal. B. allodial. C. inchoate. D. feudal.

B. allodial.

Rights in real estate can be sold

individually or collectively. Each right is separate and distinct.

allodial system

individuals were entitled to own property without the proprietary control of the king/government. The allodial system and the right for individuals to own property is one of the foundations upon which the United States was built. All property in the United States is under the allodial system.

Surface rights include the rights to

anything on the land or water

Legal Life Estates

automatically created by law

The purpose of the _________________________ is to give statutory recognition to the cooperative form of ownership of real property. It shall not be construed as repealing or amending any law now in effect, except any law in conflict herewith, and any such conflicting laws shall be affected only insofar as they apply to cooperatives. A. Florida Condominium Act B. Florida Landlord and Tenant Act C. Florida Cooperative Act D. Florida Uniform Land Sales Practices Law

C. Florida Cooperative Act

Three of the purposes of the _______________ are to: (1) Give statutory recognition to real property timeshare plans and personal property timeshare plans in this state. (2) Establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans. (3) Provide full and fair disclosure to the purchasers and prospective purchasers of timeshare plans. A. Florida Condominium Act B. Florida Landlord and Tenant Act C. Florida Vacation Plan and Timesharing Act D. Florida Uniform Land Sales Practices Law

C. Florida Vacation Plan and Timesharing Act

Which is NOT a test for determining if something is a fixture? A. Damage B. Intent of the parties C. Situs D. Adaptability

C. Situs

A property owner owns a condominium. Her interests in the common grounds around her unit are owned by her in what manner? A. Joint tenancy B. Severalty C. Tenants in common D. Tenants in the entireties

C. Tenants in common

Joan and Suzie were co-owners in a property. They took title at the same time, had equal interest, had the same deed, and had an undivided interest. Joan dies. What will happen to the property now? A. The property is inherited by Joan's family. B. The property is divided between Joan's family and Suzie. C. The property is owned by Suzie in severalty. D. The property is owned by the state.

C. The property is owned by Suzie in severalty.

The Homeowner's Association disclosure summary language should be A. available to all prospects upon viewing the property. B. given to interested parties, at their request. C. contained in the purchase and sale agreement in conspicuous type. D. given to the buyer at closing.

C. contained in the purchase and sale agreement in conspicuous type.

Trees and perennial bushes are considered to be A. emblements. B. fructus industriales. C. fructus naturales. D. personal property.

C. fructus naturales.

How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from a seller who is NOT a developer? A. 30 B. 18 C. 5 D. 3

D. 3

Which would NOT be an appurtenance? A. A right B. A privilege C. An improvement D. A potted plant

D. A potted plant

Extreme wind and 15 foot waves washed away half of the water frontage of John's bay front property. This violent tearing away of the soil is known as what? A. Reliction B. Mass wasting C. Alluvial damage D. Avulsion

D. Avulsion

What is the highest and best ownership? A. Fee Defeasible B. Life Estate C. Estate for Years D. Fee Simple

D. Fee Simple

Time-shares

buy the right to occupy the premises for a short time period, rather than a long lease. A specific time period is purchased, such as the third week in August, and the purchaser receives an undivided interest in the property for 1/52 of a year.

Air Rights

can be sold separately from the land. Many times a property owner will sell the air above his land for condo rights or rights for signs, etc. May also be sold or transferred through easements such as a scenic easement so nothing can be built in the view of another. Another type of easement is a light and air easement to stop a building from blocking the light of another. Air rights are restricted to the air that owners can reasonably use. The Federal Government maintains certain rights and restrictions for air travel and defense.

Annexation

changes personal property to real property. An example of this is when a tree is planted; the tree is annexed to the property so it becomes part of the real property.

Severance

changes real property to personal property. An example of this is when the tree is cut down and cut into firewood. The logs from the tree are now considered personal property.

The right of an owner to own to the average high water mark is A. accretion. B. alluvion. C. riparian. D. littoral.

D. littoral.

Joint Tenancy A. can be created at any time with different deeds. B. does not provide for the right of survivorship. C. is ownership allowed only between a husband and wife. D. needs the four unities to be created.

D. needs the four unities to be created.

The term real estate includes all EXCEPT A. anything permanent affixed. B. air rights. C. subsurface rights. D. personal property.

D. personal property. Real property is all the land, appurtenances, rights and privileges connected together. Personal property is anything that is not real property. Personal property is the opposite of real property.

The bundle of rights includes all EXCEPT A. the right to sell. B. the right to mortgage. C. the right to dedicate. D. the right to abandon.

D. the right to abandon.

Trade Fixtures

defined as the property of a commercial tenant that is installed but is necessary for business. Usually a landlord will give a commercial tenant permission to install major trade fixtures such as freezers, large signs, overhead lifts etc. There is also usually an agreement concerning removal of the item at the end of the lease term. A Trade Fixture is personal property and can be removed by the tenant at any time before the end of the lease. The tenant must repair damage caused by removal of the trade fixture. If a trade fixture has not been removed before the end of the lease, the trade fixture becomes the property of the landlord - at the end of the lease term. Remember! Only Commercial Tenants have Trade Fixtures!

beneficial interests associated with real property

In the United States, a set of legal rights accompanies the purchase of real property. These property rights in the include the right to: Possession, Enjoyment, Disposition, Control, & Exclusion Note, however, the right to abandon the property is not included in this list.

Severalty

defined to take title to real estate alone, as one person. The term's root word is SEVER which means to cut off everyone else's interests. This is sometimes referred to as a "sole ownership" or an "estate in severalty." Corporations always take title to real estate in this manner.

Concurrent Owners or Co-Owners

More than one person can take title to the property at one time. This is called concurrent ownership. There are three types of Co-Ownership: Tenancy in Common, Joint Tenancy and Tenancy by the Entireties.

There can be many separate owners of a piece of land.

One owner could own the subsurface rights; the second owner the surface rights; and a third owner the air rights. While a person owns rights to property, the government also has certain rights to land.

CDD'S are often

Planned Unit Developments (PUDs) with mixed-use properties included. They may have within their districts, Condominiums, Timeshares, HOA's, Cooperatives, and Master Associations. Bonds are collected from the state for building and maintenance and are paid by owners within the districts through taxes and/or special assessments. These charges are carried on individual tax records and paid through the local taxing authority.

Accretion

is an increase in land created by deposits of soil by the natural action of water.

Reliction

is an increase in land due to the receding of water (such as the increase of land at the Great Salt Lake).

Avulsion

is the "sudden" loss of land by an act of nature such a hurricane or typhoon (like the loss of beach).

Erosion

is the decrease of land by the gradual wearing away that is caused by flowing water.

Alluvial plain

is the delta area where the soil deposits from the river. The soil deposited is referred to as Alluvion.

Natural Rights

land gain or loss due to natural water movement: - Accretion - Erosion - Avulsion - Reliction - Alluvial plain

chattel

other word for property. "Chattels real", "chattels personal". Chattels are transferred by a bill of sale.

Florida's Division of Florida Land Sales, Condominiums and Mobile Homes has the authority to

regulate a Homeowner's Association to ensure that residents living within the communities are protected and that the Associations comply with Florida law.

Since a fixture is considered real estate, it would

remain with the property when it sold. The fixture can also be called an "Appurtenance".

Appurtenances

rights, privileges and improvements that belong to and pass with the transfer of real property.

fixture

something that was once personal property but has been affixed or installed to real property. Therefore, it becomes real property.

P.E.T.E.

stands for the government limitations on private ownership. It stands for police power, eminent domain, taxation and escheat.

Right to Use Ownership is a

temporary rental use with a lease of 20-40 years in duration. This is a leasehold interest rather than the freehold interest of interval ownership. After the lease expires, the interest goes back to the original owner.

Time- Share ownership falls under

the Condominium Act as well as the Time Share Act of 721.

Abandonment

the act of voluntarily surrendering or relinquishing possession of real property without vesting this interest in any other person. A person who moves out of the country, but continues to pay taxes, is NOT considered to have abandoned their property. However, an owner's failure to pay real estate taxes is sometimes taken as evidence of intent to abandon.

When a person owns real estate, they own it from

the center of the earth outward to infinity.

Estate in land

the degree and quality of ownership one holds in the land.

elective share

the minimum share of a deceased spouse's estate, which a surviving spouse may claim in lieu of any amount specified in the deceased spouse's will. For example, a wife omitted from her husband's will, still may claim an elective share of his estate.

When an item (personal property) becomes "affixed" or attached to real property,

the personal property becomes real.

Florida law, chapter 720 F.S., requires disclosure of important Homeowner's Association, (HOA) information prior to signing a contract for sale. If the disclosure is not given,

the purchaser is not bound and may cancel the contract at any time before closing.

If the disclosure summary is not provided to a prospective purchaser before the purchaser executes a contract for the sale of property governed by covenants that are subject to disclosure pursuant to this section,

the purchaser may void the contract by delivering to the seller or the seller's agent or representative written notice canceling the contract within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first. This right may not be waived by the purchaser but terminates at closing.

Subsurface rights of real property include:

the right of the owner to mine, dig or profit from any type of subsoil product such as minerals, oil, gas, gold, etc. The owner has the right to keep these products or to sell those rights to someone else - such as selling the oil rights to a petroleum company without selling them the actual land.

Freehold Estate

this term indicates ownership for an indefinite period of time. "I own the property." This is what is thought of as ownership. There is no definite ending date. An estate will last at least a person's lifetime, because generally, the property can be willed to a person's heirs.

Leasehold Estate

this term indicates renting or leasing for a fixed term.

The Uniform Community Development District Act of 1980

was designed to manage and finance fundamental community development services. It is based on a determination that an independent district (created by a developer) would design an efficient way to deliver services to those who buy in a created community. This method of providing services, such as common area maintenance of amenities, planning, and development of future areas within the development would deliver basic services, and provide projected growth without overburdening other governments and their taxpayers.

Listings and Sale contracts should clearly define

what property is real and what is personal in the legal agreements. Any personal property should be carefully detailed in the contract and, all parties must be well aware of the situation. In general, it is better not to include personal property in the sales contract between the buyer and seller because, for financing reasons, each personal item will need a value to deduct from the property's value. In addition, personal property may be subject to state sales tax - that is the buyer's responsibility. Personal Property should always be transferred by a Bill of Sale.

Estate or Tenancy at Sufferance

This is not a lease at all, but it is tenant occupancy of the property without the consent of the landlord. This is usually part of an eviction process. The landlord "suffers" in this relationship!

Resale purchase agreements

An owner who acquires a timeshare interest for her or his own use and occupancy and later offers it for resale, or any agent of such person, must utilize a resale purchase agreement which complies with the provisions of this subsection To effectuate any resale of the timeshare interest appropriately, any resale purchase agreement must contain all of the following: - The name and address of the timeshare plan and of the managing entity of the timeshare plan. - The following statements in a conspicuous font located immediately prior to the disclosure required: The current year's assessment for common expenses allocable to the timeshare interest you are purchasing is $_____. This assessment, which may be increased from time to time by the managing entity of the timeshare plan, is payable in full each year on or before __________. This assessment (includes/does not include) yearly ad valorem real estate taxes, which (are/are not) billed and collected separately. (If ad valorem real property taxes are not included in the current year's assessment for common expenses, the following statement must be included: The most recent annual assessment for ad valorem real estate taxes for the timeshare interest you are purchasing is $_____.) If there are any delinquent assessments for common expenses or ad valorem taxes outstanding with respect to the timeshare interest in question, the following statement must be included: A delinquency in the amount of $_____ for unpaid common expenses or ad valorem taxes currently exists with respect to the timeshare interest you are purchasing, together with a per diem charge of $_____ for interest and late charges.) For the purpose of ad valorem assessment, taxation, and special assessments, the managing entity will be considered the taxpayer as your agent pursuant to section 192.037, Florida Statutes. Each owner is personally liable for the payment of her or his assessments for common expenses, and failure to timely pay these assessments may result in restriction or loss of your use and/or ownership rights.

'The Fruits of the Industry'

Annual crops such as wheat, corn and vegetables. These are considered personal property, as long as the annual crop is growing. Such crops will be transferred as part of the real estate, unless a special provision is included in the sale contract.

Cooperative Disclosure

Any buyer in a co-op must be provided with a series of paperwork for disclosure purposes including: - Information with a question and answer sheet - The management contract - The estimated operating budget - A Copy of floor plan of the unit, and - The survey of the property

Real Property as Defined by Florida

Florida law 475, F.S. specifically states that real property or real estate means any interest or estate in land and any interest in the enterprises or business opportunities, including any assignment, leasehold, sub-leasehold or mineral right; however, the term does not include a cemetery lot or a right of burial in any cemetery; nor does the term include the renting of a mobile home lot or a recreational vehicle in a mobile home park or travel park.

Adaptability

How does the item fit in its environment? A water heater "fits' in the house, next to the furnace but the portable dishwasher may not "fit" in the kitchen.

Method or Degree of Attachment

How is the item attached? If it is permanently attached such as a central air conditioning unit (fixture) as opposed to a temporarily attached window unit (personal), the item has become a fixture.

Damage

How much damage will the removal of this item cause? The removal of a wall-to-floor bookshelf may cause a great deal of damage to a wall if the owner has to remove a lot of nails to get it free. If the parties agree that it is personal and there is damage, the owner must repair the damage.

Timeshare Listing Agreement

The following statement in conspicuous type located immediately prior to the space in the agreement reserved for the signature of the owner of the time-share period: THERE IS NO GUARANTEE THAT YOUR TIME-SHARE PERIOD CAN BE SOLD AT ANY PARTICULAR PRICE OR WITHIN ANY PARTICULAR PERIOD OF TIME. Any written advertising material utilized by a broker or salesperson in connection with the solicitation of a listing agreement for the resale of a time-share period must also contain this statement in conspicuous type.

An Estate in Remainder

The grantor (original owner) gives a life tenant possession of the property during the lifetime of the life tenant. The grantor names a third party (called the Remainderman) at the time the property possession is given. At the death of the life tenant, the property is given to the remainderman, rather than the original owner. When it returns to the remainderman, it returns to Fee Simple Absolute without conditions.

An Estate in Reversion

The grantor(owner of the estate) gives his interest to another party called a life tenant. The life tenant is the person upon whose life the property relies. At the death of the life tenant, the property goes back to the grantor or his heirs. In other words, the owner of a property gives a second person the chance to live in a property for his lifetime; at the end of his life, the property goes back to the original owner or his heirs. The life tenant cannot will the property nor can the life tenant's heirs inherit the property. When the property returns to the grantor, it returns to Fee Simple Absolute without conditions and is inheritable.

WHAT IS THE PURPOSE OF HOMESTEAD?

The intent of the Legislature (and the people of the State of Florida) has always been to protect the Homestead for the benefit of the family during the lifetime of the sole owner of the homestead. Before the 1985 Constitutional Amendment, the sole owner had to be the head of a household. After the Amendment the exemption is in favor of any natural person. Therefore, the purpose of the state homestead laws is to protect the family against eviction by general creditors, and to protect each spouse individually by requiring that both husband and wife join in executing any deed conveying the homestead property. With a Homestead, the homeowner's principal residence is protected from certain creditors foreclosing for non-payment or delinquencies. The home is not protected from foreclosure due to unpaid real estate property taxes or from unpaid loans taken to purchase the home or home improvement.

Fee Simple Absolute

This form of ownership is always clearly stated on the transfer papers (i.e. the deed) to the property. It can be called any or all of the three words, but it means the highest and best form of ownership. It means that it has the largest bundle of rights possible. It has unlimited duration and it is inheritable. It is subject only to government powers. (P.E.T.E.).*

Estate from Period to Period

This is a lease that is considered "a month to month" lease or a periodic tenancy. It is a lease, which began with a definite beginning but did not end, so it is automatically renewed for the same period as the original lease. Notice is needed to terminate, the same notice as the time period of payment. This lease has a definite beginning, an indefinite end and needs notice to cancel.

Estate or Tenancy at Will

This is a type of lease that is most vague. It has a definite beginning, an indefinite end and can be terminated by either party at any time.

Fee Simple Defeasible

This is sometimes called a "conditional fee" because it is based on an occurrence or a non-occurrence of a specified event. It states that it is an estate "on the condition that..." and an estate that provides the "right to re-enter..." Example: I will sell my property to you with the condition that alcohol is never served on the premises. If you have a wine and cheese party, then I will have the right to take back the property. Example: After the oil crises of the 1970's, some service station chains began to sell some of their prime corner locations. Some of them were sold to convenience stores, but had the condition that no gas could be sold at this location. This type of fee is unusual and cannot be written by real estate professionals -- it will require the services of an attorney.

Conventional Life Estates

This type of Freehold Life Estate is based on a person's life but upon death of that person, the estate will go to one of two types of situations. 1. An Estate in Reversion 2. An Estate in Remainder

Estate for Years

This type of lease conveys (transfers) property for a definite period of time. It has a definite beginning and a definite ending date, for example June 1, 2014 to May 31, 2015. Both tenant and landlord know in advance when payment is due and when the lease terminates.

Fructus Naturales

Trees, perennial bushes and grasses that do not require annual cultivation and are considered in the law to be real property. If a tree is cut down and sold as firewood, the firewood becomes personal property.

Disclosures Required by 718 F.S. For Developers

When deciding to declare a condominium, a developer must record a Prospectus, Declaration, Bylaws, and Rules and Regulations with the local Clerk of Court for the county in which the Condominium project is being built. All purchasers and lessors for more than five years will receive copies of these documents. In addition to the prospectus or offering circular, each buyer shall be furnished a separate page entitled "Frequently Asked Questions and Answers". This page shall, in readable language: - Inform prospective purchasers regarding their voting rights and unit use restrictions, including restrictions on the leasing of a unit; - Shall indicate whether, and in what amount, the unit owners or the association is obligated to pay rent or land use fees for recreational or other commonly used facilities; - Shall contain a statement identifying that the amount of assessment that would be levied upon each unit type, exclusive of any special assessments, and which shall further identify the basis upon which assessments are levied, whether monthly, quarterly, or otherwise; shall state and identify any court cases in which the association is currently a party of record in which the association may face liability in excess of $100,000; - And shall further state whether membership in a recreational facilities association is mandatory, and if so, shall identify the fees currently charged per unit type.

Can a married couple take title any other way than Tenancy by the Entireties?

Yes, many times couples choose, for personal reasons, to take title as tenants in common or as joint tenants.

Condominium

a form of ownership of real property comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements. Common elements may include walls, courtyards, patios, walkways, doors, windows, and any other elements defined within the "Declaration of Condominium"

Homestead

a legal life estate created under Florida law. Under a Homestead life estate, the homeowner's principal residence is protected from certain creditors but is not protected from property taxes or from a mortgage for purchase or cost of improvements. The signatures of both spouses (even if one is not on the deed) are needed on contracts and mortgages to release homestead rights.