Property Ownership
When a Florida seller conveys a property using a deed with a 'habendum clause,' this clause:
ARequires the buyer to maintain a certain level of insurance
BDefines the extent of ownership being conveyed and the conditions under which it is held✓ Correct
CGrants the seller the right to repurchase the property
DLimits the buyer's ability to sell for 5 years
Explanation
The habendum clause in a deed (beginning with 'to have and to hold') defines the extent and quality of the estate being transferred, including any conditions, limitations, or restrictions on the ownership.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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