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 Florida Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that provides a framework for two or more unmarried individuals who wish to jointly purchase and share ownership of a residential property in the state of Florida. This agreement outlines the rights, responsibilities, and obligations of each party involved, ensuring a smooth and harmonious co-ownership arrangement. Key elements of this agreement encompass the identification of the property being purchased, the names and contact details of the individuals involved, and their respective ownership percentages or shares in the property. It may also contain provisions for the division of expenses related to the property, such as mortgage payments, property taxes, insurance premiums, and maintenance costs. The agreement may further establish how the co-owners will make decisions regarding the property, including any modifications or improvements to be undertaken, as well as guidelines for addressing disputes or disagreements. It may provide for a designated point of contact or a dispute resolution mechanism, such as mediation or arbitration, in case conflicts arise. Specifically applicable to Florida, this agreement may include particular clauses related to state laws and regulations, such as homestead exemption, tax implications, or any other legal requirements concerning joint tenancy and co-ownership in residential properties. Different variations or types of the Florida Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may exist based on unique circumstances and additional considerations. These could include: 1. Agreement with Right of Survivorship: This type of agreement ensures that upon the death of one co-owner, their share automatically transfers to the surviving co-owner(s) without having to go through the probate process. 2. Agreement with Tenancy in Common: In contrast to joint tenancy, a tenancy in common allows each co-owner to own a specific percentage or share of the property. This type of agreement may be preferred if the co-owners wish to have distinct ownership rights and the ability to sell or transfer their interest independently. 3. Agreement with Partnership Agreement: Depending on the complexity of the co-ownership arrangement, individuals may incorporate a partnership agreement alongside the joint tenancy agreement. This additional agreement could outline more detailed financial and operational considerations, especially when co-owners are pooling resources or intend to run the property as a business venture. It is important for individuals considering this type of agreement to consult with a legal professional experienced in real estate laws and practices in Florida to ensure the document meets their specific needs and complies with all relevant regulations.
