Georgia Real Property Law Key Terms

Learn about some of the terms associated with Georgia real property law

By Jason Wood

Georgia real property refers to any real estate property including – but not limited to – primary residences, vacation homes, land and other real estate assets. Georgia real property is governed by a set of laws passed by the state legislature.

Take the time to familiarize yourself with Georgia real property law before purchasing or selling a property so that you can understand some of the many terms that might apply to the property in question. Here are some of those terms along with some resources to help get you started.

Title insurance coverage

Title insurance coverage refers to a policy which is taken out against the deed of the property ensuring a clean chain of title. This means that no one else can claim to own the property and that there are no back taxes, liens or other financial ties to the property. In the event there are such claims, the title insurance coverage will pay for the litigation to resolve the matter.
Try: Visit the website for Weissman, Nowack, Curry and Wilco for additional information on title insurance coverage.

Tenancy at will

Tenancy at will refers to the occupation of a real property by a tenant after gaining permission from the rightful owner. Tenancy at will may be given verbally. The owner of the real property must then follow the same steps required in terminating a month-to-month tenancy to remove the tenant.
Try: Visit the website for Georgia Courts.org for additional information on tenancy at will.

Joint tenancy

Joint tenancy, in terms of Georgia real property law, refers to two or more people who own a piece of property or residence together. Each owner must own an equal share in order to be considered joint tenancy. In Georgia, joint tenancy automatically gives the survivorship rights to the remaining tenant or tenants upon death of one of the owners.
Try: Visit the website for Nolo.com for an informative article about the laws associated with joint tenancy within the state of Georgia.

Disclosures

Disclosures refer to information that a seller must inform a potential buyer about. The list of disclosures is large since the law requires that the buyer receive an immense amount of information about the property, so that both parties can strike what they feel is a fair deal. Withholding disclosures is against the law. A real estate agent or seller may be held accountable for failing to disclose information.
Try: Visit the website for Ask Tom the Realtor for further information on the requirements of disclosures within the state of Georgia.

Mortgage cancellation

Mortgage cancellation refers to the act of the lender "canceling" or terminating the loan, once the borrower has paid the principal in full. Mortgage cancellation has been broadened to encompass other liens and monetary notes attached to a home or piece of property. If a lender does not cancel a loan in a proper time frame - in accordance with the law - they may be civilly liable.
Try: Visit the website for Smith, Gambrell and Russell, for additional information on the mortgage cancellation policies within the state of Georgia.

Equitable distribution

Equitable distribution is a term that describes how property, including real property, is divided during the dissolution of a marriage within the state of Georgia. Property that was brought into the marriage by either party is off limits. Real property obtained during the marriage must be divided between the two parties.
Try: Visit the website for Divorce Law Info for additional information how equitable distribution functions within the state of Georgia.