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Georgia Real Estate

Chapter 3 & 4

TermDefinition
Estate in severalty Owned by one person, sole ownership Businesses usually hold title to property in severalty.
Concurrent Ownership Ownership by two or more persons at the same time
Tenants in Common shared ownership of a single property among two or more persons; interests need not be equal, and no right of survivorship exists
Undivided Interest Ownership by two or more persons that gives each the right to use the entire property
Wording of Conveyance In Georgia, if nothing is said regarding the size of each co-owner’s interest in the property, the law presumes that all interests are equal and possession will be as tenants in common.
Right of Survivorship With a tenancy in common, if a co-owner dies, the co-owner’s interest passes to his or her heirs or devisees. There is no right of survivorship.
Joint Tenancy another form of concurrent ownership. Joint tenancy has the right of survivorship. Right of survivorship means the surviving tenants in the tenancy receive the shares of a joint tenant at passing. The deceased may not will their share to their heirs.
Four Unities the four unities must be present: possession, interest, title and time. PITT Possession Interest Title Time
Tenancy by the Entireties a form of joint tenancy specifically for married people. A married couple may serve as an indivisible legal unit.
Community Property Georgia does not recognize The concept is that a married couple contributes jointly and equally to the marriage and should share equally in any property purchased during the marriage.
police power The right of government to enact laws and enforce them for the order, safety, health, morals and general welfare of the public
eminent Domain The right of government to take ownership of privately held real estate
condemnation The process of eminent domain
inverse condemnation a proceeding brought by property owners demanding that their land be purchased from them
Taxation Real property tax is a major source of government revenue. It provides money for schools, fire and police protection, parks and libraries. This is one of the ways that the government finances its self on a state and local level.
Escheat When a person dies and leaves no heirs and no instructions as to how to dispose of real property, or when property is abandoned, the ownership of that property reverts to the state through a process
Fee Simple •bundle of rights can be held by a person and his or her heirs forever. It is the largest and most complete bundle of rights that one can hold in real estate or the ownership of land.
ecumbrances Whenever one of the rights of ownership is removed from the bundle of rights, it creates an impediment to the free and clear ownership and use of the land.. is any claim, right, lien, estate or liability that limits the fee simple title to property.
Easement is a right or privilege one party has to the use of land of another for a special purpose consistent with the general use of the land.
Easement by necessity A buyer cannot be landlocked by the seller
Easement by Perscription If a person acts as though they own an easement, and the use is open, obvious and without permission
Appurtenant always requires at least two properties: servient and dominant.
Easement in Gross is a servient estate, but no dominate estate. Telephone, electricity and gas line easements are all easements in gross.
Encroachment The unauthorized intrusion of a building or other form of real property onto another person’s land
Deed Restrictions Private agreements that govern the use of land
Lien A hold or claim that one person has on the property of another to secure payment of a debt or other obligation
Voluntary Lien Lien that is created with the property owners permission.
Involuntary lien lien created without the property owners permission.
Special Lien one that is specific to a certain property. A property tax lien would be an example of a special liens, because it is against a single property, even if the owner has other properties
General Lien a lien on all real and personal property. It comes from a court action and effects all property in the jurisdiction of the courts
Tax Lien result from the right of government to collect taxes from property owners. If they are not paid, the lien gives the government the right to force the sale of the property to collect the unpaid taxes.
Mechanic’s Lien laws give anyone who has furnished labor or materials for the improvement of land the right to place a lien against those improvements and the land if payment has not been received.
Mortgage Lien created when property is offered by its owner as security for the repayment of a debt.
Qualified Fee Estate is a fee estate that is subject to certain limitations imposed by the person creating the estate.
Life Estate conveys an estate for the duration of someone’s life. The duration of the estate can be tied to the life of the life tenant or to a third party. Someone must be named to acquire estate upon its termination.
Dower right grants the wife legal ownership to one-third of the family’s real property for the rest of her life. Georgia does not recognize
Curtesy gives the husband benefits in his deceased wife’s property as long as he lives. Georgia does not recognize
Freehold Estate Estates in land are classified as either freehold or leasehold estates. Typically tried under real property laws,
Leasehold Estate is of definite or indefinite duration and there is only possession of the land, but there is no ownership.
Estate for Years a specific starting and ending time. It can be for any length of time.
Periodic Estate an estate from year to year. It has an original lease period with a fixed length. When it runs out, unless terminated, it renews automatically for another period.
Estate at will may be terminated by either the lessor or the lessee at any time. An estate at will is for an indefinite period of time. It is usually not in writing
tenancy at sufferance occurs when a tenant stays beyond the legal tenancy without the consent of the landlord.
Created by: user-1812658
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