Keller Williams Realty Atlanta – Peachtree Road
Real Estate Legal Tip
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Keller Williams Realty Atlanta Legal Tip:
Ownership as Joint Tenants with Rights of Survivorship
Tenancy in common (TIC) means that the owners each own an undivided percentage of the entire property, and the owners can pass their interest along in their wills to anyone, not just the other owners.
Joint tenancy with rights of survivorship (JTROS) can be a powerful estate-planning tool, because if one owner dies, the remaining owner(s) automatically inherit the deceased owner’s share of the property. In fact, a will can not change this.
How do owners decide which way to hold title?
1. Married owners usually choose joint tenancy, but not always. There may be issues with blended families, unequal contributions to the down payment or monthly obligations, or other tax planning/estate distribution considerations.
2. Unmarried owners may choose either one, again based on their financial contributions and commitment to each other (engaged, just roommates, just housemates or co-owners).
3. Parents co-signing or co-owning with adult children may choose either one, depending on whether there are other children or other assets to distribute or bequeath in a will.
Purchasers should always tell the closing attorney how they want to take title. Most attorneys in Georgia will assume that married couples want joint tenancy, but in an REO transaction the Warranty Deed is often prepared in another state, and the JTROS language is never included.
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
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