Georgia Real Estate Chapter 4: Forms of owner ship

Estate in Severalty

Another word for sole ownership. When title to property is held by one person.

Severalty

Ownership of real property by one person only, also called sole ownership.

Advantages of Sole Ownership

1. Can make all the decisions regrading a property without having to get the agreement of co-owners.

2. Can decide what property or properties to buy, when to buy, and how much to offer.

Concurrent Ownership

Ownership by two or more persons at the same time.

Tenants in Common

Shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists.

As a tenant in common, each owns?

Undivided Interest in the whole property.

Undivided Interest

Ownership by two or more persons that gives each the right to use the entire property.

When a Tenancy in Common exist, if a co-owner dies, the co-owners interest?

Passes to his/her heirs.

Right of Survivorship

Right of one joint tenant to ownership of property when the other joint tenant dies.

Partition

Divides the property into distinct portions so that each person can hold a proportionate interest in severalty.

Joint Tenancy

Another form of concurrent ownership. Upon the death of a joint tenant, that interest does not descend to the heirs or pass by the will. Rather, the entire ownership remain with the surviving joint tenets. In other words there is simply one less owner.

As a Joint tenant, you may not will your joint tenancy interest to someone because?

Your interest ends upon your death.

In order for Georgia to recognize joint tenancy what must the deed clearly state?

That it is joint tenancy with the right of survivorship.

To create joint tenancy, what must be present?

Four Unities

What are the Four Unities?

1. Unity of Possession

2. Unity of Interest

3.Unity of Time

4.Unity of Title

PITT

Unity of Possession

The right of each tenant to the possession and use of the whole property. (Joint tenants and tenants in common.)

Unity of Interest

all joint tenants hold an equal ownership interest.

Unity of Title

All joint tenants acquire their interests by the same document.

Unity of Time

Each owner must acquire ownership at the same time.

Poor Man's Will

A will can be changed if the person named in that document are no longer in one's favor.

What does Georgia not recognize?

Dower, Curtesy, or community property rights.

Does Georgia recognize Joint Tenancy?

Yes, but MUST clearly state in the deed that it is Joint Tenancy coupled with the rights of survivorship.

Who can be a Joint Tenant?

Only a human can be a joint tenant. A corporation may not be a joint tenant.

Tenancy by the Entirety

Form of joint ownership reserved for married persons. Right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other.

Two characteristics of Tenancy by the Entirety are?

1. The surviving spouse becomes the sole owner of the property upon the death of the other.

2. Neither spouse has a disposable interest in the property during the lifetime of the other.

Whereas a Joint Tenant can convey his/her proportionate interest to another party without the approval of the other Joint Tenant(s), a Tenancy by the Entirety can be?

Terminated only by joint action of husband and wife or joint judgment against husband and wife

Does Georgia recognize Tenancy by the Entirety?

No

Community Property

Spouses are treated as equal partners with each owning one-half interest.

Separate Property

Property owned by either spouse prior to the marriage or by gift or inheritance during the marriage.

Philosophy

A major advantage of community property. Treats the spouses as equal partners in property acquired through their mutual efforts during marriage.