Purchasers should consider the following definitions of common vesting as an information overview only. Consumers should not rely on these legal definitions. Purchasers should carefully consider their vesting decision prior to closing and seek legal counsel should they be unfamiliar with the most suitable ownership choice for their particular situation.
Concerning real property taxes, Florida law provides for a $25,000.00 assessment exemption with respect to one’s homestead. That is, the assessed value of your homestead will be reduced by $25,000.00. The manner in which title is vested can have an affect on the availability of the exemption and as a purchaser, you may want to contact your local county tax collector to verify the availability of the exemption.”
This article is part of the Home Buyer Guide.