Legal Question in Real Estate Law in Georgia
Real Estate with 3 names on deed
A grandmother owns a vacation home for 15 years. 5 years ago she put her son and grandson on the deed. (there is no morgage) The son uses the house all the time and the grandmother and grandson hardly ever use it. also, the son has done many updates to the home and increased the value. If the son decides he wants to sell the vacation home, what is the grandmother and grandson entitled to since they both are on the deed too? also, what if the grandmother dies, what would be the entitlements for the son and grandson?
1 Answer from Attorneys
Re: Real Estate with 3 names on deed
It is assumed that the title owners have an equal, undivided interest absent a document states otherwise (deed, contract). You don't indicate what the documents may or may not say. The assets of individuals (again, absent any other agreement or right ot survivorship) is determined by a will, or state law if there is no will. The best option - resolve these issues prrior to anything happening to any of the three.