Co ownership of real property can be in the following forms:
" Tenancy in common, in which the interest of each owner may be transferred or inherited;
" Joint tenancy, in which the tenants each have a right of survivorship;
" Tenants by the entirety, in which a husband and wife own property and have a right of survivorship; or
" Community property, which applies in some States to property acquired during the period of a marriage.
The phrase joint tenancy refers to a method of ownership by which one person mutually holds legal title to property with other persons in such a way that when one of the joint owners dies his share automatically passes to the surviving joint owners by operation of law.
Traditionally, when two or more people own real property together, they hold it as tenants in common. Owning real property as joint tenants with full rights of survivorship has, in the past, been usually been limited to married couples or other close kinship. However, there is no reason that single unmarried people cannot own property in a joint tenancy arrangement.
Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: The Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the specific terms and conditions for unmarried individuals purchasing a property together and holding it as joint tenants in Maricopa, Arizona. This agreement enables individuals to clarify their rights, obligations, and ownership interests, ensuring a fair and mutually beneficial arrangement. Key Terms and Conditions: — Payment: The agreement specifies the financial contributions each party will make towards the property's purchase price, including down payment and ongoing mortgage payments. It also outlines respective shares of property taxes, insurance, and maintenance costs. — Ownership shares: The agreement explicitly states the percentage of ownership each party will have in the property. This division ensures that each individual's contribution to the property's value is recognized and protected. — Co-habitation and living arrangements: The document may include provisions regarding how the property will be used, such as whether it will be the primary residence for both parties or whether it can be rented out for additional income. It may also address the division of personal spaces within the property. — Decision-making process: The agreement defines how joint decisions regarding the property will be made. It may require unanimous consent or mandate a specified majority for significant decisions, such as selling the property or making substantial renovations. — Dispute resolution: In case of disputes or disagreements between the parties, the agreement may include provisions for mediation or arbitration as an alternative to costly and lengthy court proceedings. — Survivorship rights: One key aspect of joint tenancy is the right of survivorship, which means that if one party passes away, their share automatically transfers to the surviving individual without going through probate. This agreement will clarify and enforce these survivorship rights. Different Types of Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: 1. Standard Agreement: This is the most common type where equal ownership shares are agreed upon, and all terms and conditions mentioned above are included. 2. Unequal Ownership Agreement: In some cases, parties may agree to a different distribution of ownership shares based on their financial contributions or other factors. This agreement would reflect the agreed-upon percentage of ownership for each party. 3. Limited Partnership Agreement: Instead of being joint tenants, parties may opt to establish a limited partnership where one individual takes on the role of a general partner responsible for property management, while the other(s) assumes the position of limited partners with less involvement in day-to-day matters. 4. Exit Strategy Agreement: This type of agreement focuses on the termination of the joint tenancy and establishes procedures for selling the property or buying out a partner's share. It provides a clear roadmap for the dissolution of the agreement and the division of assets. It is important for unmarried individuals in Maricopa, Arizona, who are considering purchasing a property together to consult with legal professionals experienced in real estate law to draft a detailed Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants that reflects their specific circumstances and protects their rights and interests.Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: The Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the specific terms and conditions for unmarried individuals purchasing a property together and holding it as joint tenants in Maricopa, Arizona. This agreement enables individuals to clarify their rights, obligations, and ownership interests, ensuring a fair and mutually beneficial arrangement. Key Terms and Conditions: — Payment: The agreement specifies the financial contributions each party will make towards the property's purchase price, including down payment and ongoing mortgage payments. It also outlines respective shares of property taxes, insurance, and maintenance costs. — Ownership shares: The agreement explicitly states the percentage of ownership each party will have in the property. This division ensures that each individual's contribution to the property's value is recognized and protected. — Co-habitation and living arrangements: The document may include provisions regarding how the property will be used, such as whether it will be the primary residence for both parties or whether it can be rented out for additional income. It may also address the division of personal spaces within the property. — Decision-making process: The agreement defines how joint decisions regarding the property will be made. It may require unanimous consent or mandate a specified majority for significant decisions, such as selling the property or making substantial renovations. — Dispute resolution: In case of disputes or disagreements between the parties, the agreement may include provisions for mediation or arbitration as an alternative to costly and lengthy court proceedings. — Survivorship rights: One key aspect of joint tenancy is the right of survivorship, which means that if one party passes away, their share automatically transfers to the surviving individual without going through probate. This agreement will clarify and enforce these survivorship rights. Different Types of Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: 1. Standard Agreement: This is the most common type where equal ownership shares are agreed upon, and all terms and conditions mentioned above are included. 2. Unequal Ownership Agreement: In some cases, parties may agree to a different distribution of ownership shares based on their financial contributions or other factors. This agreement would reflect the agreed-upon percentage of ownership for each party. 3. Limited Partnership Agreement: Instead of being joint tenants, parties may opt to establish a limited partnership where one individual takes on the role of a general partner responsible for property management, while the other(s) assumes the position of limited partners with less involvement in day-to-day matters. 4. Exit Strategy Agreement: This type of agreement focuses on the termination of the joint tenancy and establishes procedures for selling the property or buying out a partner's share. It provides a clear roadmap for the dissolution of the agreement and the division of assets. It is important for unmarried individuals in Maricopa, Arizona, who are considering purchasing a property together to consult with legal professionals experienced in real estate law to draft a detailed Maricopa Arizona Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants that reflects their specific circumstances and protects their rights and interests.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
