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Types of Ownership

TermDefinition
Freehold Estates No definite ending period. Lifetime. Ownership
Fee Simple Freehold estate with most rights Lifetime - no ending date. Iheritable
Conditional Fee or Defeasible Fee Freehold Estate with conditions Lifetime - no ending date May not be inheritable
Leasehold Estate Renting/Leasing Personal: National Real: GEORGIA Fixed Period of Time Estate belongs to tenant because Owner gave up right of possession to rent property
Inheritable Estates Freehold Fee Simple Conditional Fee or Defeasible Fee
Non-Inheritable Freehold Life Estates Reversion/Remainder Dower/Curtesy/Homestead
Estate in Reversion Goes back to original owner who may take possession.
Life Estate Deed for Life of someone else giving them rights. Not inheritable Grantor - Owner - Grantee Life Tenant
Pur Autre Vie Life Estate Deed for Life of Third Party. Not inheritable. Grantor: Owner Grantee: Tenant
Granter Who conveys deed of property in a Life Estate
Grantee Who is the Tenant in a Life Estate
Estate in Reversion Reverts back to the owner after Life Estate ends
Estate in Remainder Reverts back to a third party after Life Estate ends
Anyone Who can receive property
To Sell Property You must be of age and sound mind
Reservation IE - Sell property but reserve right to cross
Dower Wife's interest in Husband's Property N/A in Georgia
Dower Husband's interest in Wife's Property N/A in Georgia
Homestead Must be owner occupied. Protects owner from creditors. Does not apply to primary mortgage
Life Estate Charaterics Can be sold, leased & mortgaged. Cannot be willed.
Severalty One Owner or one Entity
Tenancy in Common More than one owner - concurrent Unequal/Undivided Shares Can Will to Heirs Upon Death Reverts to Heirs Multiple Titles Severs when someone does a suit to partition
Concurrent More than one owner.
Tenancy in Common Unequal/Undivided Shares
Tenancy in Common Concurrent Ownership you can Will to heirs
Tenancy in Common Concurrent Ownership that reverts to Heirs
Tenancy in Common Multiple Titles
Tenancy in Common Concurrent-Ownership - severs when someone does a Suit to Partition
Joint Tenancy Concurrent. Used H & W PITT POSSESION (equal), INTEREST (equal), TIME (same), TITLE (one) Survivorship If one breaks survivorship becomes tenancy in common
Tenancy by Entireties Similar to Joint Tenancy. Only applies to H&W. N/A to Georgia
Community Property H&W - Everything owned 50/50. Not recognized in Georgia
Separate Property Premarital. Do not co-mingle. Inheritable
Life Estate Grantor allows Grantee to use property for their Life
Life Estate Grantor allows Grantee use of property during their life
Life Estate Grantee has temporary ownership
Life Estates Sold, Leased, Mortgaged
Tenancy in Common Multiple Titles
Leasehold Estate Landlord /Tenant N'L: Personal GEOROA: REAL Lessor = Landlord owner Lessee: Tenant Demise - transfer possession rights to Tenant
Demise Transfer of possession rights to tenant
Leasehold Estate Personal - nationally. Real - in Georgia
Estate for Years Has beginning and end. Notice is required.
Periodic Tenancy Month-to-Month Notice is required
Tenancy at Will Not always in writing but person has permission. Not always monetary obligation. Notice is required.
Tenancy at Sufferance Tenants stops paying rent
Tenant Stops Paying Rent Tenancy at Sufference
Dispossessory Eviction
Eviction Dispossessory
Writ of Execution Court Order to Evict
Court Order to Evict Writ of Execution
Suit to Partion I want out!
Tenancy in Common Unequal/Undivided
Co-Operative Multi-Owner Property Owned in Severalty - by corporation
Cooperative Multi-owner Property owned in Severalty
Cooperative Multi-Owner Property with no deed
Personal Property What kind of property is Co-operative
Priority Lease Allows you to occupy Co-operative
Co-operative If foreclosed everyone is out
Co-operative Tenants Own Stock
Condominium Multi-Owner Property Fee Simple
Condominium Fee Simple Multi Owner Property
Common Areas of Condominium commons areas are shared by as tenants in common in this type of property
Condominium Financing may be difficult (# of renters, $ in reserve, delinquent HOA fees
Timeshare Multi Owner Property Fee Simple You get a deed
Timeshare Get with Deed
Fee Simple Freehold Estate
No definite ending period. Lifetime. Ownership Freehold Estate
Fee Simple Freehold estate with most rights Lifetime - no ending date. Iheritable
Co-operative is what kind of Leasehold Estate
Who pays mortgage/taxes on Co-op The corporation does
Condominium Fee Simple - Tile to each Unit
Condominium Common Areas owned Tenants In Common
Condominium Multi Unit you pay own taxes and insurance
Condominium Multiunit you pay HOA
Master Deed or Declaration Recorded. Creates condominium under state laws.
Master Deed or Declaration Recorded. Creates condominium under state laws.
Quiet Title Suit The type of lawsuit used if there is a need to present before a Judge to determine who should get property in adverse possession
Quiet Title Suit Law suit enforced by court. Filed to transfer title. Puts cloud on title. Makes property unmarketable, lowers value.
Mil rate in Georgia 40%
How Mil rate is established By location...how much money is needed...divided up
Assessment Taxes Paid on land only.
Ad Volorum Tax charged on the value of land
Mil tax rate .001
Tax Bill Assesses Value x Mil rate =
Created by: realestatekaren
 

 



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