Keller Williams Realty Atlanta – Peachtree Road
Real Estate Legal Tip
Presented By:
Make Sure You Know Who Owns The Property!
Ownership is very powerful, and there are only three basic ways to pass title:
1. Deed 2. Death 3. Court Order
It is vital to know the correct and complete ownership of a property and how it is owned:
Individual? LLC? Trust? Corporation? Estate? Heirs? Joint Tenancy? Tenancy in Common? Partnership?
The names of the owners and the type of ownership can affect business transactions, divorces, estate planning, insurance, and tax planning. For example:
1. Listing agreement/Purchase and Sale Contract– not valid without the signatures of all owners.
2. Divorce – need to know if both spouses are on title or just one – was title transferred in the divorce decree?
3. Estate Planning – critical information for drafting wills, minimizing estate tax, and transferring property out of estates.
4. Insurance – owners should be the “insured” on the property insurance.
Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com
404-705-3690 fax 404-705-3697
More Atlanta Legal Tips:
Quit Claim Deeds & Owner Title Insurance
Choosing A Settlement Agent When Buying A Fannie Mae Property
KW Atlanta Legal Tip: Georgia 2010 Filing Deadlines Coming Soon!
Due Diligence When Buying a Condo, Townhome or In a Planned Community
Try To Avoid Credits & Allowances!
Special Issues with Buying/Selling Condominiums
First-Time Home Buyer’s Tax Credit – Don’t Wait Till The Last Minute!
Buying Property From The Bank: Tips For Buyers
Waiting Periods Required Under New Truth in Lending Law
Termite Letters – Still a Good Idea
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Tags: atlanta real estate legal tip, kw atlanta legal tip, Leigh Clack Neel and Robinson, neel and robinson atlanta, ownership issues on property
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