How do people hold title to property in Georgia?

As a Real Estate broker one of the most important jobs I can do when representing a client is make sure they have a great real estate attorney. In a recent transaction there were problems with clear title to a piece of property my buyer was purchasing and not only did Lance Stribling find those problems he solved them. He also did so in a timely fashion as to not cause any delay in my buyers closing on his first home. Attorney Lance Stribling also kept me informed of said problems and relayed information to me about how he was solving them as he went through the process. And since there was a loan involved the attorney represented the bank, but I felt great knowing that my buyer would be buying property that had clear title and title insurance.

When purchasers buy there are a number of ways that title can be held in the state of Georgia. I have an idea about those ways, but I wanted a legal expert to explain them to you so today I present you with a guest blogger to give you that information. And of course I turned to Lance Stribling who has proved himself over and over to my clients.

If you are purchasing, refinancing, selling or have any other need for a great real estate attorney I recommend you call Lance Stribling. And I need to ad that when you call his office you most likely be speaking with Lyndsey Stribling, his wife and very smart assistant and office manager. Lyndsey is always helpful and in my real estate transactions the person my clients and I work with prior to closing who does so much of the work.

And if you've been wondering about the ways you can hold title to property in Georgia... it's set out below for you, by Lance Stibling.

Title to real estate can be held in a number of ways in Georgia. Property may be held by a single individual, multiple individuals or a legal entity. This article is a brief description of the most common ways real estate is held in Georgia.

Most property is held in “Fee Simple.” Fee simple is defined as an interest in land that, being the broadest property interest allowed by law. In other words, fee simple means complete ownership of the entire property along with any rights that go with the property. By owning property in fee simple, the property owner can convey a portion of the property while retaining the unconveyed portion. Fee simple ownership may be sole owners or multiple owners. Fee simple sole ownership is created when one person or a single legal entity has complete ownership in a property. However, there are more options when multiple owners hold property in fee simple. “Joint Tenancy” and “Tenancy in Common” are the most common types of multiple owner fee simple interests.

Joint Tenancy is established when property is held by more than one owner under a single interest with right of survivorship. “Right of Survivorship” means that upon the death of one owner, the remaining owners immediately acquire the deceased owner’s interest. In other words, the property does not become part of the deceased owner’s estate. Joint Tenancy is most commonly found between husband and wife, and this interest must be specifically described in the deed of conveyance.

Tenancy in Common refers to ownership being held by multiple owners, who each own undivided interest. Owners choosing to take property by tenancy in common may own unequal interest. Tenancy in Common provides no right of survivorship, meaning that upon the death of an owner, the deceased’s interest vest in his/her heirs. A tenancy in common is created when property is transferred in fee simple and the conveying instrument does not contain right of survivorship language. Tenancy in Common is the most common fee simple interest.

Although there are many other ways to take title to property in Georgia, the most common including leaseholds, licenses, and life estates. A leasehold interest gives the lessee the right to use and possess the property without taking ownership to the property. Licenses allow an individual the right to use the property. Finally a life estate allows a person to use and possess the property during a lifetime. The lifetime can be that of the person holding the interest or may be based on another’s life.