Ownership
Severalty (Sole Ownership)
Property owned by one person.
Severalty (Sole Ownership)
Property owned by a single legal entity.
Concurrent Ownership (Tenants in Common)
Jim
Pam
Fewer Restrictions
Bob
Concurrent Ownership (Tenants in Common)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Interests can be equal
Concurrent Ownership (Tenants in Common)
Jim
Pam
Bob
Undivided
50% Interest
Undivided
20% Interest
Undivided
30% Interest
Interests can be unequal
Concurrent Ownership (Tenants in Common)
Bill
Pam
Bob
Undivided
50% Interest
Undivided
20% Interest
Undivided
30% Interest
Each co-owner can sell, mortgage, will or transfer
their interest without the consent of the other owners.
Concurrent Ownership (Tenants in Common)
Jim
Pam
Bob’s Family
Undivided
50% Interest
Undivided
20% Interest
Undivided
30% Interest
Upon the death of a co-owner their share passes to
the heirs.
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Interests must be equal
Concurrent Ownership (Joint Tenants)
Jim
Pam’s Family
Bob
Undivided
1/2 Interest
Undivided
1/3 Interest
Undivided
1/2 Interest
Upon the death of a joint tenant their interest passes
to the remaining survivor(s).
Concurrent Ownership (Joint Tenants)
Jim
Bob
Undivided
1/2 Interest
Undivided
1/2 Interest
A joint tenancy estate cannot be inherited.
This characteristic is called the right of survivorship.
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
In order to create joint tenancy there must be four
“unities”.
PITT
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Possession - Each joint tenant is entitled to use and
enjoyment of the entire property.
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Interest - Interests must be equal.
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Time - All joint tenants must have acquired their
interest at the same time.
Concurrent Ownership (Joint Tenants)
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
Title - There is only one title for each joint tenancy.
Concurrent Ownership (Joint Tenants)
Bill
Pam
Bob
1/3 as tenants
in common
1/3 as joint
tenants
1/3 as joint
tenants
Joint tenants can sell, mortgage or lease their share
without the consent of the other co-owners.
Concurrent Ownership
Jim
Pam
Bob
Undivided
1/3 Interest
Undivided
1/3 Interest
Undivided
1/3 Interest
A partition suit can be filed in either joint tenancy or
tenancy in common.
Concurrent Ownership
Tenancy by the Entirety
Can only exist between
a husband and wife.
Concurrent Ownership
Tenancy by the Entirety
The four unities of join
tenancy must be
present.
The right of survivorship
applies.
Concurrent Ownership
Tenancy by the Entirety
Differs from Joint
Tenancy in 3 Ways:
1.  Exclusively for
husbands and wives.
Concurrent Ownership
Tenancy by the Entirety
2.  Neither may sell,
mortgage or lease
their interest without
the others consent.
Neither may file for a
partition suit.
Concurrent Ownership
Tenancy by the Entirety
3.  Creditors cannot
force the sale of half
of the property to
satisfy either
spouse’s debt.
Concurrent Ownership
Tenancy by the Entirety
Georgia law does not
recognize tenancy by the
entirety.
Concurrent Ownership
Community Property
Applies only to the
husband and wife.
Concurrent Ownership
Community Property
Each spouse has a onehalf interest in any
property acquired by
either spouse during the
marriage.
Concurrent Ownership
Community Property
Both spouses must join
in signing documents
when the property is
sold, mortgaged or
leased.
Concurrent Ownership
Community Property
Property acquired by
either spouse prior to
their marriage is
separate property.
Concurrent Ownership
Community Property
Property acquired by gift
or inheritance during the
marriage is separate
property.
Concurrent Ownership
Community Property
Georgia is not a
community property
state.
Concurrent Ownership
Tenancy in Partnership
General Partnership
May own property,
provided that the
partnership operates
under a registered trade
name.
Concurrent Ownership
Tenancy in Partnership
General Partnership
Each partner is jointly
and severally liable for
the partnership’s
obligations.
Concurrent Ownership
Tenancy in Partnership
General Partnership
Each partner can
participate in the
management.
Concurrent Ownership
Tenancy in Partnership
General Partnership
Each partner can bind
the partnership.
Concurrent Ownership
Tenancy in Partnership
General Partnership
No partner can obligate
the partnership to sell,
mortgage or lease real
property without the
consent of the other
partners.
Concurrent Ownership
Tenancy in Partnership
Limited Partnership
General partner(s) carry
on the management of
the business.
Concurrent Ownership
Tenancy in Partnership
Limited Partnership
Limited partners are just
investors and have no
management
involvement.
Concurrent Ownership
Tenancy in Partnership
Limited Partnership
The liability of the limited
partners is limited to
their investment.
Concurrent Ownership
Tenancy in Partnership
A partnership formed to
complete a particular
business project, with no
intent to establish a
permanent relationship,
is called a joint venture.
Concurrent Ownership
Limited Liability
Company
It does not have eternal
life.
Investors are called
members.
Concurrent Ownership
Limited Liability
Company
Investors are not
personally liable for the
company’s debts.
Concurrent Ownership
Trusts
Trustor - creator of the
trust.
Trustee - holds title to
the property for the
benefit of a third party.
Beneficiary – the third
party.
Concurrent Ownership
Testamentary Trust
It is created by will after
the owner’s death.
Concurrent Ownership
Living Trusts
It is created by
agreement during the
owner’s lifetime.
Concurrent Ownership
Land Trust
Usually the trustor is
also the beneficiary.
Concurrent Ownership
Real Estate Investment
Trust - REIT
•  Must have a minimum
of 100 investors.
•  Trustee is a board.
Concurrent Ownership
Real Estate Investment
Trust – REIT
The REIT pays no
income tax on profits as
long as 90% of the
income is passed
through to the investors.
Concurrent Ownership
Syndicate
Is not a legal form of
ownership.
Concurrent Ownership
Syndicate
Is a descriptive term for
a group of people or
firms who get together
for the purpose of
investing or dealing in
real estate.
Condominium Ownership
Each owner holds fee simple title to their individual unit
Condominium Ownership
Common Elements
All owners are tenants
in common in the other
parts of the land and
buildings.
Condominium Ownership
Master Deed
•  Principle conveyance
document used to
create the
condominium.
•  Includes the complete
legal description.
Condominium Ownership
Declaration
Has a complete
description of each unit,
the common areas,
and the limited common
areas.
Condominium Ownership
Plat
Detailed site plan that
includes the plans and
specifications for the
buildings to be
constructed.
Condominium Ownership
By-Laws
Establishes the
framework for the
formation of an owners
association.
Condominium Ownership
All documents are recorded in the county where the project is located.
Condominium Ownership
Each owner can sell, mortgage, lease or gift their unit.
Condominium Ownership
All owners must abide by the covenants, conditions and restrictions.
Condominium Ownership
Management is turned over to the owners’ association when the
developer has sold 80% of the units, or 3 years from the date the
declaration was recorded.
Condominium Ownership
The Georgia
Condominium Act
•  Requires extensive
disclosures.
•  Allows the buyer a 7
day right of recession
for the purchase of a
new condominium
when buying from the
developer.
Condominium Ownership
Time Sharing
Under the right-to-own
plan, an owner owns the
unit for just one period of
the year.
Condominium Ownership
Time Sharing
Under the right-to-use
plan, a person may use
the unit for just one
period of the year.
Condominium Ownership
Time Sharing
Under the membership
plan, membership in the
club would entitle a
person to use the unit for
just one period of time
each year.
Condominium Ownership
The Georgia
Time-Share Act
Regulates time-share
programs located in
Georgia and out-ofstate properties sold
with-in Georgia.
Condominium Ownership
The Georgia Time-Share
Act requires the
developer to:
1.  Provide a Public
Offering Statement.
2.  Discloses all
material facts.
Condominium Ownership
3.  Trust funds must be
deposited in escrow.
4.  Sales agents must
be licensed unless
exempt by law.
Condominium Ownership
5.  Advertising must
comply with the Fair
Business Practices
Act.
Cooperative Ownership
The building is owned in severalty by a non-profit corporation.
Cooperative Ownership
The occupants of the
units buy shares of stock
in the corporation.
Cooperative Ownership
Purchase of the stock
gives them a proprietary
lease on the unit of their
choice.
Cooperative Ownership
The corporation receives
a property tax bill on the
entire building.
Usually there is one
large mortgage
payment on the entire
building.
Cooperative Ownership
Each occupant pays
a proportionate share
of the property costs.
Cooperative Ownership
Occupants have a
personal property
interest.
Cooperative Ownership
In most cases, a transfer
of the lease would
require approval from
the Board of Directors.