Holding Title to Real Property in Georgia
Real Estate-Holding Title to Real Property in Georgia
The choice of how to hold title should be carefully considered and may
be governed by factors such as relationship of the owners, children from
a previous marriage or unequal contribution of down payment by the owners.
The most common ways to acquire ownership in Georgia real property are
Tenancy in Common: Tenants in common of real property hold title so that each owner has an
"undivided interest" in the property and all have an equal right
to use the property. Tenants in common may not have equal ownership interest
but each owner has the right to possess the entire real property. Each
ownership interest may be sold, mortgaged, or willed to another separately.
Surviving owners of tenants in common do not have a "right of survivorship"
if one of the tenants in common dies. Upon the death of the title holder,
his or her interest passes directly to his or her estate and the his or
her interest can not be sold or conveyed with out the estate being probated.
Joint Tenancy with Rights of Survivorship: Joint tenancy is a form of ownership in that the surviving joint tenant
immediately becomes the owner of the whole property upon the death of
the other joint tenant. This is called a "right of survivorship."
Each joint tenant has an equal, undivided interest in the whole property.
Each joint tenant may enter onto, take possession of, occupy, and use
every portion of the common property.
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