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.
The Alabama 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 individuals who are not married to one another but wish to purchase and co-own a property as joint tenants. This agreement ensures that the rights, responsibilities, and obligations of each co-owner are clearly defined and acknowledged. The purpose of this agreement is to provide a framework for the purchase, ownership, and management of a residential property by unmarried individuals. It typically includes provisions related to the purchase price, financing arrangements, and the distribution of costs and expenses incurred during the ownership period. Key elements of the agreement may include: 1. Identification of the parties: The agreement specifies the names and contact information of all the co-owners involved in the purchase and ownership of the property. It may also include details such as the current addresses and the percentage of ownership interest of each individual. 2. Property details: This section describes the residential property being purchased and held as joint tenants. It includes the legal description of the property, its address, and any existing liens or encumbrances. 3. Purchase price and financing: The agreement outlines the total purchase price of the property and how it will be paid, whether through cash, financing, or other means. If financing is involved, details such as the down payment amount, loan terms, and responsibility for mortgage payments are specified. 4. Ownership rights and responsibilities: This portion of the agreement defines the co-owners' rights and duties. It typically covers matters such as each individual's ownership percentage, the right to occupy and use the property, and the responsibility for property taxes, insurance, and maintenance costs. 5. Dispute resolution: The agreement may include provisions for dispute resolution, such as mediation or arbitration, to resolve any conflicts or disagreements that may arise during the ownership period. It is essential to note that there may be variations or alternative versions of the Alabama Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants based on specific circumstances. For instance, there could be agreements designed specifically for simply purchasing and holding property, while others might include provisions for sharing rental income or determining how ownership interests may be transferred. These variations could be named differently, indicating the particular focus or additional provisions provided in the agreement. Examples of different types could include the Alabama Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Rental Income Sharing, or the Alabama Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Transfer of Ownership Interest Provisions. Ultimately, the specific terms and nomenclature used can vary depending on the legal professionals drafting the agreement or the needs and preferences of the co-owners involved.
