When purchasing a property it’s important to decide how you’d like to hold the title. The way you hold title will generally depend on whether or not you are the sole owner of the property. However, there are a number of additional things to consider when making this decision. Due to the complicated nature of this issue, it’s important to consult with an experienced Georgia real estate attorney prior to finalizing a real estate purchase. An experienced attorney will advise you of your real estate title options while ensuring that your transaction goes smoothly. Below is an overview of your Georgia real estate title options.
If you are the only purchaser of a piece of property, you may hold title as the sole owner. As the sole owner, you can live in, rent, will, sell, and otherwise use the property as you deem necessary.
Tenants in common
In Georgia, another way to hold title to property is as tenants in common. Under this arrangement, two or more people own a single piece of property, and the amounts owned don’t have to be equal. When one owner dies, his or her share of the property will pass according to his or her will or trust. In addition, either owner of a piece of property under this arrangement may sell his or her share of the property to someone else.
Joint tenancy with right of survivorship
Two or more individuals may also own real estate in a joint tenancy. Under joint tenancy, each owner owns an equal share of the property. Therefore, if property owners wish to own unequal shares of a piece of property, they must own it as tenants in common. A popular feature of joint tenancy is that one owner’s share automatically passes to the other owner at the time of his or her death. Finally, like a tenancy in common, each joint tenant may sell his or her share of the property without the other owner’s permission. However, when one owner sells his or her share, the joint tenancy automatically becomes a tenancy in common.
Contact our experienced Georgia real estate attorneys
Are you planning on purchasing or selling property in Georgia? If so, you should hire an experienced Georgia real estate attorney to assist you with the transaction. At Klosinski Overstreet, LLP, we will assist you with all legal aspects of your residential or commercial real estate transaction. Our Georgia real estate attorneys have experience facilitating the purchase and sale of many types of properties, including single family homes, condominiums, multifamily homes, retail centers, office buildings, hotels, apartment complexes, and vacant property slated for development. Therefore, if you are planning on buying or selling residential or commercial real estate of any kind in the state of Georgia, please contact us as soon as possible for a consultation.
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