Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer: Mortgage Payments vs. Ownership Interests in Florida
In Florida, legal ownership of real property is determined by the name listed on the deed, not by who makes mortgage payments. If your name does not appear on the deed, you do not hold legal title—even if you pay the full mortgage.
Paying the mortgage creates a debt obligation to the lender but does not transfer ownership. A mortgage secures the loan against the property; it does not define who owns it. See Florida Statutes § 689.01 (requirements for conveying real property): leg.state.fl.us/statutes/…/0689.01.html and § 697.01 (how mortgages are created): leg.state.fl.us/statutes/…/0697.01.html.
However, you may acquire an equitable interest under certain circumstances if you can demonstrate:
- A clear, written agreement granting you an ownership stake.
- The formation of a trust or partnership related to the property.
- Unjust enrichment or resulting trust based on your contributions.
Court review focuses on your intent, written communications, and the parties’ arrangement. Without a documented agreement, mortgage payments alone typically amount to a gift or loan to the deed holder, not an acquisition of title.
To secure an ownership interest, consider obtaining a formal deed transfer, creating a trust agreement, or negotiating an ownership assignment.
Helpful Hints for Securing Ownership Interest in Florida Real Property
- Ensure your name is on the deed via a quitclaim or warranty deed.
- Draft a signed, written agreement detailing each party’s rights and obligations.
- Record any deed, trust, or assignment documents with the county clerk’s office.
- Maintain detailed records of all payments, communications, and agreements.
- Consult a Florida real estate attorney to prepare or review legal documents.