How to Hold Title in Georgia: A Guide for Homebuyers

Today I'm going to talk about holding title when buying a house with someone else in Georgia. Understanding the two ways to hold title is crucial for all parties involved: Tenants in Common and Joint Tenants with Rights of Survivorship.

1. Tenants in Common

What does this mean? It means each person holds an individual interest in the property. For instance, if Person 1 and Person 2 own a property together and Person 1 passes away, their 50% interest does not automatically transfer to Person 2. Instead, it goes into real estate limbo. This situation requires Person 2 to go to court, where a judge decides who gets what. If you're married, your spouse does not automatically receive the 50% share; they also need to go to court. While it’s not as costly, it can be time-consuming.

2. Joint Tenants with Rights of Survivorship

In this case, if Person 1 and Person 2 own a property together and Person 1 passes away, their 50% share automatically goes to Person 2. There's no need for a will or probate; the transfer happens seamlessly. Person 1’s share immediately becomes Person 2’s without any legal hurdles.

If you're unsure how you currently hold title, you can check the deed that was presented to you at the closing table. Understanding your title can save you from future legal complications and ensure a smooth transition of property ownership.

For more detailed advice and guidance, always consider consulting a real estate attorney. Thanks for joining me today, and stay tuned for more insights from the Bradley Real Estate Group!