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 District of Columbia Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the rights, responsibilities, and obligations of unmarried individuals who wish to jointly purchase and own a residence in the District of Columbia. This agreement allows two or more unmarried individuals, who are not involved in a romantic or spousal relationship, to come together and invest in a property as joint tenants. Joint tenancy refers to a type of co-ownership where all the tenants have equal rights to possession and use of the property. The main purpose of this agreement is to establish a clear understanding and framework for the joint ownership of the property. It details the manner in which the property will be purchased, the percentage of ownership each party holds, and the division of costs, expenses, and profits. The agreement typically covers various important aspects, including: 1. Identification of the property: This agreement specifies the address and legal description of the property being purchased. 2. Ownership structure: It outlines the ownership share or percentage that each individual holds, ensuring transparency and clarity. 3. Financing arrangements: The agreement addresses how the purchase will be financed, covering aspects such as down payment, mortgage payments, taxes, and insurance premiums. It also defines the responsibilities of each party in contributing to these expenses. 4. Tax obligations: The document may discuss the tax implications associated with the property, including how tax deductions, credits, and liabilities will be shared among the owners. 5. Maintenance and repairs: The agreement clarifies the responsibilities of each party regarding property maintenance, including repairs, renovations, and upkeep costs. 6. Resale provisions: It may stipulate the procedures and conditions for selling the property, including the distribution of proceeds among the co-owners. 7. Dispute resolution: The agreement may outline the agreed-upon methods for resolving any disagreements or disputes that may arise between the co-owners. It is essential to note that while this description covers the general elements of the District of Columbia Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, there could be variations or supplementary documents catered towards specific circumstances or preferences of the involved parties.
