Every Real Estate property owner could face a lawsuit filed by customers, vendors, landlords and employees. Fortunately, in St Petersburg, FL there are various types of ownership which can reduce liability for owners holding property. These methods include land trusts; LLCs; Corporations; Tenants by the Entirety and Joint Tenants with Right of Survivorship. We understand the complexities of Real Estate Law and have decades of experience in seeing the best and worst decisions made by Real Estate owners. By hiring a Real Estate Ownership Attorney, you can receive expert advice that protects your future.
Experienced St Petersburg Real Estate Ownership Attorneys
A Division of Battaglia, Ross, Dicus & McQuaid, P.A.
Howard P. Ross and Andrew R. Pardun have over 50 years worth of successful experience working as Real Estate Ownership Attorneys in St Petersburg. As highly respected attorneys, their expertise in all areas of Real Estate Law can help you make a decision that is best for your situation while protecting your future.
Ross and Pardun are attorneys at Battaglia, Ross, Dicus & McQuaid, P.A. which for over 60 years has been providing outstanding legal assistance to St. Petersburg. Battaglia Ross Dicus & McQuaid, P.A. is ranked by US News and World Reports as a Tier 1 Law Firm.
Land Trusts Attorney in St Petersburg
Land trusts are a specific type of asset protection for real estate holdings that are only used in a number of states, including Florida. Land trusts covert real property interest into contractual interest, which gives a layer of asset protection for any investor choosing to use it. As written agreements, the original property owner will transfer their ownership to the trust and name another party (usually a bank or holding company) to become the trustee. The original owner is then often named as a primary beneficiary.
They’re complex in nature and should only be used if it is suitable for your situation. Through the help of a Land Trust Attorney, you can receive the guidance to ensure you make the right decision.
Steps to Creating a Land Trust
- Your attorney can help draft a trust agreement which details your arrangement.
- A Deed in Trust will be drafted, signed and recorded with the Register of Deeds in St Petersburg.
- The Deed in Trust identifies the property and confirms that trust now owns the property.
- File your trust agreement with your trustee, paying any required fees.
Only a Real Estate attorney will be able to assist you in setting up a well structured Land Trust.
LLC Attorney in St Petersburg
LLCs are used in every state and known throughout the real estate world. They can make matters very simple due to their flexibility and asset protection benefits. They also offer the fastest and smoothest way to start a business in our state. With a Florida LLC you get:
- Separation between your personal liability and your business
- Simple management and compliance with regulations
- Potential benefits for tax treatment
- No state taxes in Florida, so you keep more of your LLC earnings
It is highly advised to have professional help when creating an LLC structure, to ensure you have an effective and long-lasting protection strategy in place. Many mistakes occur during the formation or administrative processes such as:
- Failure to create an LLC Operating Agreement
- Failure to record minutes for meetings
- Failure to maintain business records
- Mixing personal assets with LLCs
- Signing business documents in personal name rather than LLC or Corporate Name
Tenants by the Entity
A ‘Tenancy by the Entirety‘ is a unique form of joint ownership in Florida, that is reserved only for married couples; it treats them as a unit. Rather than each spouse holding a partial interest, they are considered to own the entire property. It is the most common form of Real Estate ownership for married couples in St Petersburg.
Benefits of Tenants by the Entity
- Avoid Probate – Property will automatically pass to the surviving spouse when the first spouse passes on. This means there is no need for probate and the stress that comes with that process.
- Spousal Protection – Both spouses must sign a deed to transfer the property. A sale contract or deed with only one signature has no power. This ensures that nothing can happen to the property without the consent of both spouses.
- Creditor Protection – If one spouse has a judgment against them, then the creditor will be unable to gain the property the couple hold.
A Tenants by the Entity attorney can make sure the process is smooth and that you comply with the state laws. A Real Estate Ownership Lawyer, can also help with the following common difficulties:
- Paperwork Error
- Joint Debtors
- Death of a Spouse
- Statutory Limitation
Joint Tenants with Right of Survivorship
In Florida, a “Right of Survivorship” joint agreement allows the full title to go to the owner that survives. The ‘survivor’ will automatically own 100% of the property after the other owner passes away.
Despite how appealing this may be, it is not always a wise choice. For example, an owner may have debt against them that creates a lien. In Florida, many Joint Tenants with Right of Survivorship involve parents and children and it can become extremely complicated if the creditor is a Student Loan Lender or the IRS.
It is highly advised that you speak with a Real Estate Ownership attorney before making any decision on your type of ownership. This way you can prevent a hugely distressing problem in the future.
Hire a Real Estate Ownership Attorney in St Petersburg, FL
If you have an existing ownership issue or want to make sure that your Real Estate Ownership is obtained and carried out smoothly, then contact Howard P. Ross and Andrew R. Pardun for a free initial consultation. They can evaluate your situation and plans so that you choose what is best for you.
Whether you’re a married couple, start-up or large business looking to invest in Real Estate, it is crucial that you make the right decision with ownership so that your liability is limited in the future.