A Comprehensive Guide to Tenancy in Common Georgia
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What Is Tenancy in Common in Real Estate?
There are many advantages to tenancy in common in Georgia, but there are a few disadvantages to keep in mind as well. Faulkner Law Offices can explain. Call now!
While buying a property with someone else, there may be multiple ways in which it can be titled. Tenancy in common might be a good choice if two or more persons who are related or unrelated are buying property for investment or other purposes.
Tenancy in common is a kind of co-ownership where each person owns a fractional interest in the property. This type of ownership is commonly found in condominiums but can also exist in single-family homes and multi-unit apartment buildings.
Since exact laws vary, speaking with a skilled real estate attorney can help you understand Georgia property laws. They can help you determine whether tenancy in common is a good titling option for you.
How Does a Tenancy in Common Work?
What Are the Legal Rights of Co-Owners in a Tenancy in Common?
Is Tenancy in Common a Good Thing?
Are There Any Disadvantages of Tenancy in Common?
Tenancy in Common Agreement
This is why, when purchasing property, it is important that a closing attorney protect the owner’s interest by drafting a thorough tenancy in common agreement. There, the attorney can determine who will be responsible for things like the following:
Does Georgia Have Tenancy by the Entirety?
This is why, when purchasing property, it is important that a closing attorney protect the owner’s interest by drafting a thorough tenancy in common agreement. There, the attorney can determine who will be responsible for things like the following:
A tenancy by the entirety is a legal form of ownership. It creates a right of survivorship and is available to married couples only. The surviving spouse automatically inherits the deceased tenant’s property share if one of the joint tenants dies.
Georgia does not recognize tenancy by the entirety. Georgia has tenants in common, which, as explained above, refers to two or more people owning real estate as co-owners with rights to possession and enjoyment of the property.
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