Georgia Tenancy Explained
Title to real estate is held singularly or jointly and in Georgia, although it may sound a bit archaic, an owner of real estate is also called a "tenant", or "co-tenant" if there is more than one owner. When multiple owners are involved, it becomes important to understand the two basic types of tenancies recognized in Georgia, since tenancy has serious estate consequences, should a co-owner die. Although other types of ownership are available, the most two common forms of tenancy in Georgia are the joint tenancy and tenancy in common.
Did You Know that Tenancy Can be Changed at Any Time?
Sometimes life or estate plans change and it becomes necessary to switch the tenancy. At Georgia Title, we can evaluate the status of your property, and assist with changes, if needed.
Sometimes life or estate plans change and it becomes necessary to switch the tenancy. At Georgia Title, we can evaluate the status of your property, and assist with changes, if needed.
–––––––––––––
Questions? Speak with a Real Estate Lawyer
CHRIS PAHL
Attorney at Law
945 E Paces Ferry Road
Resurgens Plaza
Atlanta, GA 30326
Telephone +1(678)448-4148
Attorney at Law
945 E Paces Ferry Road
Resurgens Plaza
Atlanta, GA 30326
Telephone +1(678)448-4148
Tenancy in Common
"Tenants in Common"
By default, multiple owners will hold told as Tenants in Common. This means that the interest of any single owner is an undivided interest in the whole. If one owner dies, the interest does not automatically go to the remaining owners, it will stay in the decedent's estate. Generally, the death of a co-tenant in common will require probate of the decedent's estate.
By default, multiple owners will hold told as Tenants in Common. This means that the interest of any single owner is an undivided interest in the whole. If one owner dies, the interest does not automatically go to the remaining owners, it will stay in the decedent's estate. Generally, the death of a co-tenant in common will require probate of the decedent's estate.
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+ Georgia Code § 44-6-120 – Creation of Tenant in Common
- GA. Code 44-6-120 Creation; shares; privileges (Georgia Code (2013 Edition))
Unless otherwise specifically provided by statute and unless the document or instrument provides otherwise, a tenancy in common is created wherever from any cause two or more persons are entitled to the simultaneous possession of any property. Tenants in common may have unequal shares, but they will be held to be equal unless the contrary appears. The fact of inequality shall not give the person holding the greater interest any privileges as to possession which are superior to those of the person owning a lesser interest so long as the tenancy continues.
Joint Tenancy
"Joint Tenants with Rights of Survivorship"
Alternatively, property owners may choose to hold title as Joint Tenants with Rights of Survivorship where the interest of any co-tenant will automatically transfer on death to the remaining co-tenant(s). This type of joint tenancy is commonly used as an estate planning tool in properties owned by married couples. Although not restricted just to married couples, survivorship rights are useful where the intent is, should any co-tenant pass away, that interest should go to the surviving co-tenant(s). In Georgia, the benefit of a joint tenancy is entirely avoiding the probate process.
Alternatively, property owners may choose to hold title as Joint Tenants with Rights of Survivorship where the interest of any co-tenant will automatically transfer on death to the remaining co-tenant(s). This type of joint tenancy is commonly used as an estate planning tool in properties owned by married couples. Although not restricted just to married couples, survivorship rights are useful where the intent is, should any co-tenant pass away, that interest should go to the surviving co-tenant(s). In Georgia, the benefit of a joint tenancy is entirely avoiding the probate process.
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+ Georgia Code § 44-6-190 – Creation of Joint Tenancy
- Section 44-6-190 Creation; severance (Georgia Code (2013 Edition))
(a) Deeds and other instruments of title, including any instrument in which one person conveys to himself and one or more other persons, any instrument in which two or more persons convey to themselves or to themselves and another or others, and wills, taking effect after January 1, 1977, may create a joint interest with survivorship in two or more persons. Any instrument of title in favor of two or more persons shall be construed to create interests in common without survivorship between or among the owners unless the instrument expressly refers to the takers as "joint tenants," "joint tenants and not as tenants in common," or "joint tenants with survivorship" or as taking "jointly with survivorship." Any instrument using one of the forms of expression referred to in the preceding sentence or language essentially the same as one of these forms of expression shall create a joint tenancy estate or interest that may be severed as to the interest of any owner by the recording of an instrument which results in his lifetime transfer of all or a part of his interest; provided, however, that, if all persons owning joint tenant interests in a property join in the same recorded lifetime transfer, no severance shall occur.
Other Tenancy
"Tenants by the Entirety" and
"Petition for Year's Support"
Since Georgia is a popular relocation destination for so many people, questions often arise about a type of tenancy referred to as "Tenants by the Entirety." The laws governing tenancy by the entirety vary among those States which recognize it. This tenancy is available strictly to married couples, and typically affords survivor rights plus other statutory benefits, such as limited asset protection.
Georgia does not recognize tenancy by the entirety. The closest equivalent tenancy in Georgia is Joint Tenancy with Right of Survivorship. Georgia joint tenancy has the benefit of being available to non-married parties and is not limited to two co-owners.
"Petition for Year's Support" Compared
Although Georgia does not recognize Tenancy by the Entirety, Georgia does recognize spousal rights to a decedent's estate through a separate mechanism called a Petition for Year's Support. Although not a deed per se, the petition can be used to vest title in a surviving spouse of the decedent's interest.
"Petition for Year's Support"
Since Georgia is a popular relocation destination for so many people, questions often arise about a type of tenancy referred to as "Tenants by the Entirety." The laws governing tenancy by the entirety vary among those States which recognize it. This tenancy is available strictly to married couples, and typically affords survivor rights plus other statutory benefits, such as limited asset protection.
Georgia does not recognize tenancy by the entirety. The closest equivalent tenancy in Georgia is Joint Tenancy with Right of Survivorship. Georgia joint tenancy has the benefit of being available to non-married parties and is not limited to two co-owners.
"Petition for Year's Support" Compared
Although Georgia does not recognize Tenancy by the Entirety, Georgia does recognize spousal rights to a decedent's estate through a separate mechanism called a Petition for Year's Support. Although not a deed per se, the petition can be used to vest title in a surviving spouse of the decedent's interest.
Did You Know that Tenancy Can be Changed at Any Time?
Sometimes life or estate plans change and it becomes necessary to switch the tenancy. At Georgia Title, we can evaluate the status of your property, and assist with changes, if needed.
Sometimes life or estate plans change and it becomes necessary to switch the tenancy. At Georgia Title, we can evaluate the status of your property, and assist with changes, if needed.
–––––––––––––
Questions? Speak with a Real Estate Lawyer
CHRIS PAHL
Attorney at Law
Georgia Title & Escrow Co LLC
945 E Paces Ferry Rd
Resurgens Plaza
Atlanta, GA 30326
678.448.4148 Telephone
Attorney at Law
Georgia Title & Escrow Co LLC
945 E Paces Ferry Rd
Resurgens Plaza
Atlanta, GA 30326
678.448.4148 Telephone
+1(678)448-4148
© 2014-2024 Georgia Title & Escrow Company LLC.
All rights reserved.
© 2014-2024 Georgia Title & Escrow Company LLC.
All rights reserved.
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945 E Paces Ferry Road, Resurgens Plaza
Buckhead • Atlanta Georgia 30326
Tel +1(678)448-4148
Open By Appointment Only
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Real Estate | Closing Lawyer | Land-Title Insurance
Buckhead • Atlanta Georgia 30326
Tel +1(678)448-4148
Open By Appointment Only
Monday through Friday 9am to 5:30pm
Saturday 9am to Noon
Real Estate | Closing Lawyer | Land-Title Insurance
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