Transferring Property to Your Spouse in Georgia

How to Add Your Spouse To Your Deed

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Transferring part of your property to your spouse in Georgia simply involves the execution of a new deed and recording it with the County in most cases. What goes into the deed is a bit more complex. Two primary types of deeds are commonly utilized for this purpose and there are a few forms of ownership which should be considered. We will discuss these topics below.

1. Quitclaim Deed A quitclaim deed in Georgia serves as a legal instrument facilitating the transfer of property ownership from one individual (the grantor) to another (the grantee). In contrast to various deed types, a quitclaim deed lacks assurances or warranties regarding the property's title. Consequently, the grantee assumes all potential risks associated with the property. Key Features of a Quitclaim Deed: Just to recap-
   

• Absence of Warranties: The grantor refrains from providing assurances concerning the property's title, ownership, or other rights.

• Efficiency and Simplicity: The creation and execution of a quitclaim deed are typically expedited and less complex compared to alternative deed forms.

• Common Applications: This type of deed is frequently utilized for property transfers within family circles, during divorces, or to resolve title discrepancies.

1. Warranty Deed Oppopsite a quitclaim deed is a warranty deed. A warranty deed can be a limited or general warranty deed and it serves as a legal instrument facilitating the transfer of real property ownership from a one spouse (grantor) to the other (a grantee). Notably, the grantor spouse assures full ownership of the property without any encumbrances and pledges to defend the title against competing claims which may be useful in the event of severance of the marriage through divorce or other means. Here are the key attributes of a Warranty Deed: Just to recap-

• Title Assurance: The grantor spouse commits to safeguarding the title against challenges spanning the property's complete ownership lineage.

• Buyer Safeguard: Provides the highest level of protection for the receiving spouse.

• Title Examination: This may be reccomended in certain circumstances. It typically necessitates a comprehensive title search to ascertain the property's freedom from liens or encumbrances. It is essential to recognize that while warranty deeds offer robust protection for the receiving spouse, they entail heightened risk for the grantor spouse. Consequently, the prevalence of full warranties in deed is declining, with many grantor spouses opting for either limited warranty or quitclaim deeds.

How much interest will a spouse receive?

It depends. By default, the general rule is that the grantor spouse gives 50% of ownership of the property to the grantee spouse if no other amount is specified. In this case the spouses are considered joint tenants (or equal owners). But what happens if one spouse passes away? One notable exception to the general rules is Joint Tenancy with Right of Survivorship (JTWROS).

Joint Tenancy with Right of Survivorship (JTWROS) is a method of property ownership wherein the spouses share equal ownership of a property (the same as with normal joint tenancy), but upon the death of one owner spouse, their portion of the property automatically transfers to the surviving spouse).

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Key Features of JTWROS:

• Equal Ownership: Each spouse holds an equal share in the property.

• Right of Survivorship: In the event of a spouse's death, their share transfers to the surviving spouse.

• Probate Avoidance: Assets held under JTWROS typically bypass the probate process following an spouse death making this form of ownership desireable in many cases.

• Establishment: A JTWROS is established by explicitly stating "joint tenants with right of survivorship" in the deed or title. It is generally never presumed to be the desired form of ownership.
  

JTWROS Considerations:

• Divorce or Annulment: If a joint tenancy originates from marriage and the marriage ends, it often converts to tenancy in common.

• Severance: One owner can sever a joint tenancy by transferring their interest to another, resulting in a tenancy in common.

• Creditor Protection: Generally, a creditor of one joint tenant can only access the deceased owner's interest, not the entire property.

Utilizing JTWROS as an Estate Planning Tool

JTWROS can certainly be advantageous, but it is imperative to comprehend the associated implications and potential outcomes before opting for this ownership structure. Seeking legal counsel from an attorney can aid in determining whether JTWROS aligns with your specific circumstances.

Steps for transferring property:

1. Choose the deed type: Evaluate whether a quitclaim or some form of a warranty deed aligns best with your circumstances.

2. Draft the deed: Ensure the accurate depiction of the property and the inclusion of both spouses' names. A licensed experienced attorney can help with this part as it may be tricky.

3. Obtain signatures: The spouse transferring the property to the other must sign the deed before two witnesses, with one witness required to be a notary public.

4. Pay transfer taxes when due: Completion of a PT-61 Transfer Tax Form and payment of the requisite taxes is necessary.

5. Record the deed: Submit the deed to the county recorder's office where the property is situated.
   

Key Considerations:

• Do you need an attorney: While self-execution is possible, legal consultation can safeguard your interests and ensure proper deed drafting.

• Will your mortgage lender permit this: If the property is mortgaged, refinancing or loan transfer to your spouse's name may be necessary.

• Consider your estate plan: Property transfer could impact your estate planning arrangements.

If you have questions or need assistance, sign up for our affordable and efficient deed preparation services and speak with a lawyer about your matter today.

The information provided in this article is given for educational purposes only and should not be taken as legal advice for your specific matter. Applying the knowledge received here to your legal situation is at your own risk.