How Florida's Unique Property Laws Affect Title Services & Real Estate Transactions
May 07, 2023
Florida's property laws are unique, and they can have a major impact on title services and real estate transactions. It's important to understand these laws in order to effectively navigate the real estate process.
The Florida Constitution has a number of articles that affect title services, real estate transactions, and property rights. These articles include:
- The Homestead Exemption
- The Marketable Record Title Act (MRTA)
- Dower and Curtesy Rights
- The Right of Survivorship
The Homestead Exemption is a constitutionally-guaranteed exemption from property taxes for the primary residence of a Florida resident. This exemption can save homeowners thousands of dollars every year, and it can be a major factor when considering the purchase of a home.
The Marketable Record Title Act (MRTA) limits the time frame in which a claim to a parcel of real estate can be made. Basically, if a claim is made after the MRTA's time frame, it is considered invalid. This is important for title services, as it ensures that all claims are properly vetted before they are accepted.
Dower and Curtesy Rights are rights that allow certain family members of a deceased owner to make a claim to a parcel of real estate. These rights are also limited by the MRTA, and are important to consider when dealing with real estate transactions.
The Right of Survivorship is a form of joint ownership of a parcel of real estate. This can be an important tool for married couples or family members who are looking to jointly own a property.
Understanding Florida's unique property laws is essential for anyone involved in title services or real estate transactions. Knowing the details of these laws can help ensure that the process runs smoothly and that all involved parties are adequately protected.