Answers general questions about residential real estate in Florida. More specific answers for the southwest area of Florida - Naples, Bonita Springs, and Estero Florida - Collier and Lee Counties. Will not answer any questions about commercial real estate or business brokerage.
Experience
Experience in the area: I have held a Florida real estate license since 1995 and Florida mortgage broker license since 1996. I have specializes in the residential real estate market as a full-time REALTOR since 1996. Currently a member of the Legal Resources Committee of the Naples Area Board of Realtors.
Organizations Naples Area Board of Realtors, Lake Placid Board of Realtors, Florida Association of Realtors, National Association of Realtors
Publications Have been interviewed by the local NBC, ABC, and FOX affiliates about correcting erroneous information on credit reports, local real estate market conditions, and foreclosures. Glenn authors Naples Real Estate Blog
Education/Credentials Bachelor of Science Degree in Accounting from Bentley College, Waltham, Mass.
Post graduate courses at Nova University.
Awards and Honors 2007 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
2006 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
Expert: Glenn Ginsburg Date: 5/3/2008 Subject: protection of vacant property in florida
Question Hi there, My husband and I own properties in florida and I was wondering if a creditor with a judgemnt against one of us can go after our vacant land if they are in both our names as husband and wife?? I noticed two of our deeds say both our names on them however do not say husband and wife. that would protect us under the tanancy by the entirety" law in florida right? Should I change these two deeds to read husband and wife?? If so can I use a quit claim to title the deeds correctly. Please advise . Also how would this work in Arkansas?? does tenancy by the entirety or a joint deed(husband and wife) also protect vacant land or investment property incase of a judgement against one of us?? Please help with your thoughts if you can thanks!
Answer Hi Mildred,
A creditor of either spouse may seize the interest the debtor spouse holds in joint tenant property. Courts will presume that the debtor spouse owns a 50% interest in joint tenant property unless the facts demonstrate a different allocation of ownership. If the creditor seizes the debtor spouse’s interest, the creditor would become a tenant in common with the non-debtor spouse.
You use a quit claim deed, however, the warranty deed is more effective.
Unfortunately, I know nothing about how things work in Arkansas, you should seek legal advice on this one.
My recommendation would be to seek legal advice to protect your assets there are many facets to the law which need to be addressed. What might seem as a simple solution is probably not the best. On a regular basis questions are asked which should be addressed to an attorney in order to get the best possible answer or solution.
