Legal Question in Real Estate Law in Florida
If a property is titled to two people but only one person is on the mortgage, how are the proceeds from a sale divided if the person listed on the title but not on the mortgage dies? The property is held as joint tenets in common, so the deceased's heirs would be entitled to 1/2 of the property.
Asked on 1/13/16, 3:04 am
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
Tenants in common each own an undivided one-half interest in the property. If one of them dies, than the heirs for that tenant in common owner would be entitled to the share of property and the sale proceeds as well. The mortgage would need to be paid in full before there is anything to distribute. Seek legal help
Answered on 1/13/16, 10:49 am
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