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.
Philadelphia Pennsylvania Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions for two or more unmarried individuals who wish to jointly purchase and hold a residential property in Philadelphia, Pennsylvania. This agreement clarifies the rights, responsibilities, and obligations of the co-owners and aims to protect their interests in the property. Keywords: Philadelphia Pennsylvania Agreement, Unmarried Individuals, Purchase, Hold Residence, Joint Tenants Types of Philadelphia Pennsylvania Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: 1. Basic Agreement: This type of agreement outlines the fundamental terms and conditions for joint ownership, such as the share of ownership, contribution towards purchase and maintenance costs, and division of proceeds upon sale. 2. Mortgage Agreement: In addition to the basic terms, this agreement includes provisions relating to the responsibilities and liabilities of each co-owner in regard to the mortgage on the property, including payment obligations, default consequences, and method of settling outstanding mortgage amounts. 3. Maintenance and Repairs Agreement: This agreement specifies the responsibilities of each co-owner regarding the maintenance, repairs, and general upkeep of the property. It outlines the allocation of costs, decision-making processes, and dispute resolution mechanisms related to maintenance issues. 4. Exit Strategy Agreement: This agreement sets forth the procedures and options available to the co-owners in the event of the termination of the joint ownership, such as the sale, buyout, or transfer of shares. It also covers the distribution of proceeds and any potential tax implications. 5. Dispute Resolution Agreement: While not specific to the joint tenancy agreement itself, this type of agreement can be included alongside to outline the methods and procedures for resolving disputes that may arise between the co-owners, such as mediation or arbitration. It is important to consult with a legal professional when entering into any agreement of this nature, as the specific terms and conditions may vary depending on individual circumstances and local regulations.Philadelphia Pennsylvania Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions for two or more unmarried individuals who wish to jointly purchase and hold a residential property in Philadelphia, Pennsylvania. This agreement clarifies the rights, responsibilities, and obligations of the co-owners and aims to protect their interests in the property. Keywords: Philadelphia Pennsylvania Agreement, Unmarried Individuals, Purchase, Hold Residence, Joint Tenants Types of Philadelphia Pennsylvania Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: 1. Basic Agreement: This type of agreement outlines the fundamental terms and conditions for joint ownership, such as the share of ownership, contribution towards purchase and maintenance costs, and division of proceeds upon sale. 2. Mortgage Agreement: In addition to the basic terms, this agreement includes provisions relating to the responsibilities and liabilities of each co-owner in regard to the mortgage on the property, including payment obligations, default consequences, and method of settling outstanding mortgage amounts. 3. Maintenance and Repairs Agreement: This agreement specifies the responsibilities of each co-owner regarding the maintenance, repairs, and general upkeep of the property. It outlines the allocation of costs, decision-making processes, and dispute resolution mechanisms related to maintenance issues. 4. Exit Strategy Agreement: This agreement sets forth the procedures and options available to the co-owners in the event of the termination of the joint ownership, such as the sale, buyout, or transfer of shares. It also covers the distribution of proceeds and any potential tax implications. 5. Dispute Resolution Agreement: While not specific to the joint tenancy agreement itself, this type of agreement can be included alongside to outline the methods and procedures for resolving disputes that may arise between the co-owners, such as mediation or arbitration. It is important to consult with a legal professional when entering into any agreement of this nature, as the specific terms and conditions may vary depending on individual circumstances and local regulations.
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.
