Delaware Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship

• Category: Real Estate - Purchase Agreements
• State: Multi-State
• Control #: US-0058BG
• Format: Word; Rich Text

Description

Joint tenants with right of survivorship (JTWROS) is usually the preferred form of co-ownership for unmarried couples buying a home together. At common law, joint tenancy is co-ownership of property by two or more persons characterized by the ?ˆ?four unities:?ˆ

Delaware Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legally binding contract designed to establish and outline the rights and responsibilities of unmarried individuals who wish to jointly purchase and hold a residential property in the state of Delaware. This agreement ensures that both parties have equal ownership interest in the property and specifies the right of survivorship, which means that if one of the co-tenants passes away, the surviving co-tenant automatically inherits the deceased co-tenant's share. This particular agreement in Delaware is specifically tailored to address the needs and concerns of unmarried individuals who want to own a property jointly while safeguarding their respective interests. It allows them to enter into a co-ownership arrangement without the need for marriage or any legal alternative such as a domestic partnership or civil union. Key terms and provisions covered in the Delaware Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may include: 1. Identifying the parties: The agreement will clearly state the names and contact information of all the involved parties, commonly referred to as the co-tenants. 2. Property details: The agreement will specify the address and legal description of the property being purchased and held jointly by the co-tenants. 3. Purchase and financial obligations: This section will outline how the property will be financed, mentioning details such as the purchase price, down payment, and how the ongoing costs like mortgage payments, property taxes, and maintenance expenses will be shared between the co-tenants. 4. Ownership shares: The agreement will document the percentage of ownership interest of each co-tenant to establish their respective rights and responsibilities. Typically, equal ownership shares are chosen, but this can vary based on the agreement of the parties. 5. Right of Survivorship: This provision is crucial and grants the surviving co-tenant the automatic right to inherit the deceased co-tenant's share, avoiding probate proceedings or disputes over ownership transfer. 6. Decision-making: The agreement may include provisions for decision-making processes regarding the property, such as how repairs, renovations, or any major financial decisions will be discussed and agreed upon. 7. Dispute resolution: In case of conflicts or disagreements, the agreement may outline the preferred method of dispute resolution, such as mediation or arbitration, to avoid costly and time-consuming court proceedings. Different variations or types of Delaware Agreements between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may include modified provisions based on the specific requirements or preferences of the co-tenants. Some may opt to include additional clauses related to the use of the property, restrictions on transferring ownership, or provisions for termination or sale of the property. It is essential for unmarried individuals considering this type of agreement to consult with legal professionals to tailor the document to their specific needs and ensure compliance with Delaware state laws governing real estate and contracts.