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Can unrelated families buy property in Georgia?

On Behalf of | Sep 19, 2023 | REAL ESTATE LAW - Real Estate Law

It is no secret that times are tough right now, and many families are pooling their funds to pay for pod schools, share nanny services and even buying property. After all, with interest rates higher than they have been in decades, even those who make six-figure incomes are finding their buying power has been severely limited. And, some people are opting to buy property together, and either build separately or share a home.

Yes. In our state, co-owning property or a home is not barred, even if the owners are not related.

However, just because you can, does not mean that you should. There are many things you should consider before finalizing your purchase.


The first thing to consider is title. In other words, how will each family own the property, which can affect how each can use, sell and transfer their share of the property. The two most popular options are tenancy in common and joint tenancy.

With a tenancy in common, you can have a different ownership percentage for each owner based on the percentage of the purchase price you pay. This will also affect how much you pay for mortgage payments, maintenance costs, etc. Each tenant can sell, transfer or bequest their percentage, but you both must agree to sell the entire property. If one tenant dies, their share does not go to the surviving co-owners. This is more common for purchasers who are not family.

With a joint tenancy, both owners have an equal share, regardless of how much they contributed to the purchase or upkeep of the property. If one owner dies, their share automatically goes to the surviving co-owners.

If either owner sells or transfers their share of the property, the joint tenancy becomes a joint tenancy. This is more common for family members that purchase together.

Financing the purchase

Next, you need to decide how to finance your purchase, unless you decide to simply pull your money for the purchase. You can apply for a joint mortgage so that all parties are responsible for the payments.

You can finance with a single mortgagee, which would mean there would only be one owner, but that owner can grant the other family occupancy rights. In Georgia, buying a home as a group can make homeownership a reality for many families.