THIS TENANCY THEIR WOULD ONLY BE 1 UNITITY

Aceable Agent Real estate Georgia Level 2 Chapters 1-5 Flashcards The Unity of Possession.Tenancy in Common requires only

• UnityWhich means each co owner has the right to use

the entire property regardless of what proportion of the property they own.CO OWNERS HAVE = RIGHTSo FOR

THIS TENANCY THEIR WOULD ONLY BE 1 UNITITY

POSESSION

Right of Inheritance You have to pay Estate taxes but with Estate taxes only have to pay on property over 5 Million Joint Tenancy Example JOINT JOINT JOINT This requires Co owners to ACQUIRE THEIR PROPERTY FROM SAME TRANSACTION.Co owners must also hold title under same document (like deed or will)Adherence (Committment) to this unity will naturally cause adherences to Unity of time, so these Unities Co Exist.ACQUIRE SAME

TRANSACTION

Question: Co ownership states each co owner has equal

right to enjoy possession of whole property Which unity is it?Is a form of Co ownership where Legal spouses each hold an EQUAL and UNDIVIDED INTEREST in the property.Which cannot be conveyed or encumbered with out consent of the other.Just like Joint Tenancy and Right of Survivorship -But not in GEORGIA What happens if one dies would the surviving spouse own property Co-OwnershipSome times called Concurrent Ownership Leti's bachelorette pad. Leti is single and buys a place down town, a 1 bedroom condo converted from a warehouse building. Leti supplied the down payment, took out a loan, and was the only name on the title.SHE

OWNED IT IN SEVERALTY.

Co-Ownership: Owning property with friend

This can be done if all parties agreeBy dividing up property so each party owns it in Severality.If parties cannot come to an agreement 1 co owner can sue the others to legally dissolve co ownership and divide the property itself or divide the gains from sale of property.Co ownership Married couples only -This establishes Tenancy in CommonOr Joint Tenancy-Partners can convey their SHARE OF THE PROPERTYonly with approval of all partnership members-The property is held by the partners themselves-NOT PARTNERSHIP ENTITIY

Question: Which is NOT a way property can be held by

PARTNERSHIP?

Because Tenancy by the entirety is a Co ownership between 2 people if 1 dies the surviving spouse would own the property in Severaly

Question: Which types of ownership do legal spouses each

hold as an equal and undivided interest in the property which cannot be conveyed or encumbered with out consent of the other Because they are considered legal people Example of Ownership in Severalty

Like a corporationIt creates a SEPARATE "PARTNERSHIP" ENTITY-Can be sued & Can SueHold property separate from partners individual property to protect that property from partners creditors Are Individual partners property and partnerships property separate things?It is Undivided Interest because both have the right of Possession of Whole property

• Conditions of Unities of Co-Ownership

Each Co owner has an equal Right to enjoy the Possession and USE of the WHOLE PROPERTY. Not just a designated portion. (Cannot be selfish)Can Co exist whole property Undivided Interest HOW DIFFERENT FROM Unity of Interest Possession, Interest, Time and TitleJoint Tenancy in DEED Ownership in SeveraltyIndividual or sole ownership also known as Tenancy in Severalty -A law created by the National conference of commissioners on UNIFORM STATE LAWS.-It aims to create uniform legislation that states can CHOOSE to adapt or change then ADOPT-It defines partnerships as an entity between partners and partners assets, instead of aggregate (collective sum) HOW to Form a partnership in GEORGIA Is a business organization form assumed by an individual (or Legal Spouses) As a SINGLELegal Entity.A business as an extention of the Owner- the business is incapable of owning Real Estate on its own.What is the Sole Proprietorship owner responsible for All assets acquired during marriage are community property.Is Georgia aCommunity Property State?Buying a property as a Co-owner is more complicated that buying alone and it depends on the kind of Co-Ownership you have.

• types of co-ownership concepts

Dealers ChoiceThere are 26 Tenancy by the Entirety states9 Community Property statesThe rest of the states skip special ownership for married entirely.And just let couples choose how they want their own property like any other co buyers.THAT IS HOW GEORGIA DOES IT How does Georgia recognize Co ownership Unity of personThis unity of person states that co owners are for legal purposes relative to ownership of the property-a single indivisible unit.The 5th Unity of Person and how it relates to Tenancy in Entirety Georgia does not recognize this type of Tenancy.GEORGIA ONLY RECOGNIZES RIGHT OF SURVIVORSHIP BY DEEDSO IN GEORGIA if you want to be Joint Tenants with Right of Survivorship you must spell that out in the DEED instead of assuming it is part of a Joint Tenancy If married couple is choosing to take title are Joint Tenants what do they have to do in Georgia?Only humans can be joint tenants, corporations can never die so cannot own property as Joint Tenant What Joint Tenancy has vs. Tenancy in Common

Their share is inherited to surviving tenants (Right of Survivorship). If they sell their share while alive a NEW owner becomes Tenant in Common What happens in a Joint Tenancy if one co owner dies?False as their are different rules that apply with community property Co ownership Your choice Purchased before marriageAcquired by 1 spouse through a gift of inheritance during marriagePurchased by the spouse with separate funds during marriage How are funds considered to be separate under "Separate Property" Grants each member-of partnership equal and undivided interest in the property-the property is purchased and owned by the partnership which is a separate ENTITY Individual Partners Reters to Co owners that are for legal purposes relative to ownership of the property, a single indivisible unitA

OWNER=SINGLE UNIT

What Tenancy describes some states view married couples as a single legal unit Posession, interest, title time PITTWhich means co owners ALWAYS HOLD equal shares (Unity of interest)They have undivided Interest in property (unity of Possession)They purchased property at the same time (unity of time)with same title (Unity of Title) Does Georgia recognize Right of Survivorship NOGeorgians choose how they want to take title just like any Co owner. Georgia is not a Community Property State Tenancy by its entirety By acting as their right of PartitionPartition Voluntary or NOT? Partition Suit The type of partnership chosen will dictate degree on CONTROL AND LIABILITY each member has.OFTEN a partnership will be made up of both GENERAL AND

LIMITED

General Partnerships A type of interest that gives each Co-Owner the RIGHT of POSSESSION OF THE WHOLE PROPERTY, not just simply a portion of it Right of Survivorship Joint Tenancy requires the unities of Possession, Interest, Time and Title so that means that the new owner cannot become part of the original agreement at a later date.They have a NEW and SEPARATE side agreement with original group. AND THE NEW CO OWNER UNLIKE OTHERS

HAS AN INTEREST IS INHERITABLE

What difference would a new added co owner under Tenants in Common NOT have vs original Joint tenants ProfitsDebtsObligations of businessOwners personal assets are at risk in event of Debt or failure Sole Proprietorship or Organization -Tenants in Partnership-Individual Partners-Held by partners themselves Tenants in Partnership Requires all 4 unities-Possession, interest, time, title.PITTUsually comes with the Right of SURVIVORSHIP (some states -ON DEED ONLY)

• unities for joint tenancy

Only for Married CouplesEqual and Undivided Interest in propertyCannot be conveyed with out others approvalComes with the Right of Survivorship Not

InheritanceRequires Five Unities: Standard 4 plus Units of

Person(aka-Marriage)Terminated by Divorce or Death or agreement Business Organization forms -Choose a Name-If not using your own last namethen need to file your trade name with theSuperior Court in the county