Understanding Georgia Property Laws and Their Implications
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Georgia Property Tax Laws and the Tax Advantages of Owning Real Property
From estate planning to business ownership, Georgia property laws can have a wide range of implications. Learn more here with Perigon Legal Services.
Although they cannot own agricultural land, foreigners and Georgian citizens can buy and own other property types in Georgia. There are several ways you can own property in the state of Georgia.
If there is just one owner of the entire property, that is called Sole ownership. On the other hand, if two or more people own the property simultaneously, that is a form of co-ownership called Tenants in Common.
When someone of the Tenants in Common dies, their interest passes to their heirs named in the will. In the case of Tenants in Common, the proportionate interests and rights to possess the property don’t have to be equal between co-owners.
If these rights are equal, that form of co-ownership is called joint tenancy. In the case of death, the decedent’s interest is passed to the surviving joint tenant or tenants. An individual can also own real property through a living trust.
By owning real property, you may also get particular tax advantages, including property tax deduction, capital gains exemption, and mortgage interest deduction. Georgia laws also allow reduced property taxes and tax exemptions if you fulfill specific requirements.
Depending on the complexity of your actual property situation, you might want to consider seeking legal help. Stan Faulkner at Perigon Legal Services deeply understands Georgia’s real estate laws, so your interests will always be protected.
Our legal team is dedicated to helping clients understand the laws that can affect your case. Call our office today to schedule an appointment for a free consultation.
Georgia Private Property Laws: What Is Adverse Possession?
Georgia Laws on Rental Property
When it comes to rental property, there are specific actions landlords cannot do. Landlords must comply with specific local, state, and federal rules. Failure to comply with landlord-tenant laws in Georgia can lead to harsh financial penalties and costly disputes.
For example, a landlord has to disclose certain information to a tenant or tenants, which can be done in the rental agreement or lease. If the landlord collects a security deposit, they must include pre-existing damage in the rental agreement.
Marital Property Laws in Georgia
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Marietta, GA 30060