Legal Question in Wills and Trusts in Georgia
rules of right of surviorship
My husband and I bought a rental property with my mother. The mortgage loan is only in my husbands name. We quit claimed my mother her half interest. He and I requested that our interest be held jointly with right of surviorship and was told it was no problem to do so. Now we have refinanced the orginal loan, mortgage loan being only in his name still, and have been told that all three of us must hold title jointly with rights of surviorship. I thought only married people could hold title in such a way. My husband has been married several times before and has adult children with his last name that are not biolgically his(wife got pregnant by another man).
1 Answer from Attorneys
Re: rules of right of surviorship
Gee: This is kind of like a bar review question. You are prob. thinking of tenancy by entirety which is married couples only. At the last CLE, I slept though, my recollection is that GA has abolished that form of ownership. Joint Tenancy with Right of Surviorship is very common and is mostly married. The 4 unities must be present for it to occur and in your fact pattern, it seems like they do not exist in the subsequent transaction. Default out of JTWRS =s Tenancy in Common which is where everyone owns simply his or her %. Corporations may not JTWRS and must default into TinCommon. Per your question, that may be an underwriting loan requirement request of your lender, but is not a requirment of Georgia law. HCW
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