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.
California Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions for unmarried individuals seeking to purchase and co-own a property together as joint tenants in the state of California. This agreement is crucial to establish the rights and responsibilities of each individual involved in the arrangement. This agreement allows unmarried individuals to buy a property jointly, hold equal shares in the property, and have the right of survivorship. The right of survivorship means that if one co-owner passes away, their share automatically transfers to the surviving co-owner(s) without the need for probate. This agreement also ensures that both individuals have equal rights and responsibilities in managing the property. The key elements included in the agreement are the identification of the property being purchased, the names and contact information of all parties involved, and the purchase price and how it will be financed. It also specifies the percentage of ownership each individual will have and any arrangements for payment of expenses, such as mortgage payments, property taxes, insurance, and maintenance costs. Additionally, the agreement may address important matters, such as how disputes will be resolved, whether the property can be rented or sold without the consent of the other co-owner(s), how improvements or renovations will be handled, and how the proceeds will be divided if the property is sold. It is important to note that there are variations of this agreement, such as a California Agreement by Unmarried Individuals to Purchase and Hold Residence as Tenants in Common. In this case, co-owners do not have the right of survivorship, and their share of the property can be passed on to their heirs through a will or estate planning. Overall, the California Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document designed to protect the rights and interests of unmarried individuals purchasing property together. It formalizes the agreement and ensures clarity in terms of ownership, financial obligations, and decision-making related to the property.
