Property Rights, Ownership, Condos & HOAs

Estates

Freehold estates include fee simple (the most complete ownership) and life estates (ownership measured by a life, followed by a remainder or reversion). Leasehold estates (tenancies) include estates for years, periodic tenancies, tenancies at will and tenancies at sufferance.

Co-ownership in Florida

• Tenancy in common is the default. Under § 689.15, Fla. Stat., a conveyance to two or more people creates a tenancy in common unless the instrument expressly provides for survivorship (estates by the entirety excepted).
• Joint tenancy with right of survivorship must be expressly created.
• Tenancy by the entirety is ownership by a married couple. On dissolution of marriage it becomes a tenancy in common (§ 689.15, Fla. Stat.). A mortgage made to spouses creates an estate by the entirety in the mortgage unless a contrary intent appears (§ 689.115, Fla. Stat.).

Homestead

Florida homestead has three separate faces:

1. Tax exemption. An owner who on January 1 holds title and makes the property a permanent residence is entitled to an exemption of up to $25,000 of assessed value (§ 196.031, Fla. Stat.), plus an additional exemption of up to $25,000 (inflation-adjusted) on assessed value over $50,000 for non-school levies. Applications are filed with the property appraiser by March 1 (§ 196.011, Fla. Stat.). Annual assessment increases on homestead property are capped at the lower of 3% or the change in CPI (Fla. Const. art. VII, § 4(d)).
2. Creditor protection (Fla. Const. art. X, § 4(a)).
3. Restrictions on transfer. Homestead can't be devised if the owner is survived by a spouse or minor child (except as the Constitution allows), and a married owner must be joined by the spouse to sell or mortgage it (art. X, § 4(c)).

Adverse possession

Florida recognizes adverse possession after 7 years of continuous possession, either under color of title (§ 95.16, Fla. Stat.) or without color of title if the claimant files a return with the property appraiser and pays the taxes (§ 95.18, Fla. Stat.).

Condominiums (Chapter 718)

• Joint liability for assessments. A buyer is jointly and severally liable with the previous owner for unpaid assessments that came due up to the transfer (§ 718.116, Fla. Stat.(1)(a)). That's why closings rely on an estoppel certificate.
• Resale disclosures. Buyers of resale units are entitled to the declaration, articles, bylaws, rules, financial report and other documents, with a statutory voidability period in the contract (§ 718.503, Fla. Stat.(2)).
• Milestone inspections. Required for condo and co-op buildings of three or more habitable stories by December 31 of the year the building reaches 30 years of age, and every 10 years after (§ 553.899, Fla. Stat.).
• Structural integrity reserve studies are required at least every 10 years for buildings three habitable stories or higher (§ 718.112, Fla. Stat.(2)(g)).

Homeowners' associations (Chapter 720)

A buyer in a mandatory HOA must receive the statutory disclosure summary (§ 720.401, Fla. Stat.), and the parcel owner is jointly and severally liable with the previous owner for unpaid assessments (§ 720.3085, Fla. Stat.(2)(b)). The association's estoppel certificate is governed by § 720.30851, Fla. Stat..

Landlord-tenant: security deposits

Under § 83.49, Fla. Stat.(3)(a), if the landlord doesn't intend to claim the deposit, it must be returned within 15 days after the lease ends. To impose a claim, the landlord must send written notice within 30 days.