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Types of Ownership
Term | Definition |
---|---|
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 = |