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 Colorado Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for two or more unmarried individuals to jointly purchase and own a residential property in the state of Colorado. This agreement is designed to establish the rights, responsibilities, and obligations of the co-owners as joint tenants. Key elements of the Colorado Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants include: 1. Parties: The agreement identifies all the individuals involved in the joint purchase and ownership of the property, including their full legal names and contact information. 2. Property details: The agreement provides a detailed description of the residential property being purchased, including its address, legal description, and any specific features or conditions. 3. Ownership shares: The agreement specifies the percentage of ownership that each individual has in the property. This percentage represents their proportionate share of the property's purchase price, expenses, and potential profits or losses. 4. Financial contributions: The agreement outlines the financial contributions each individual will make towards the purchase, as well as their responsibilities for ongoing expenses such as mortgage payments, property taxes, insurance premiums, and maintenance costs. 5. Decision-making: The agreement establishes the decision-making process for matters relating to the property, including major repairs or renovations, lease agreements, and potential sale or refinancing. It may require unanimous agreement or define voting rights based on ownership shares. 6. Use and occupancy: The agreement addresses the use and occupancy of the property, including rules for personal use, guest policies, and potential rental arrangements if permitted. 7. Dispute resolution: The agreement may include provisions for resolving disputes among the co-owners, such as mediation or arbitration, to avoid potential conflicts that could arise during the joint ownership. Different types or variations of Colorado Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may exist based on the specific needs and circumstances of the co-owners. However, the basic structure and purpose of the agreement remain consistent, aiming to protect the rights and interests of all parties involved in jointly owning a residential property in Colorado.
