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 Georgia Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal contract that outlines the terms and conditions for two or more unmarried individuals to jointly purchase and own a residential property in the state of Georgia. This agreement is designed to provide individuals with a clear understanding of their rights and responsibilities as joint tenants, ensuring transparent and fair arrangements. It establishes the intentions of the parties involved and addresses various issues that may arise during the co-ownership of a property. The key elements typically covered in the Georgia Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants include: 1. Identification of the parties: It specifies the names and contact details of all individuals entering into the agreement as joint tenants. This ensures that each person's responsibilities and obligations are clear. 2. Property details: The agreement includes a detailed description of the residential property being purchased, such as its address, legal description, and any relevant specifications. 3. Ownership shares: It specifies the percentage or proportion of ownership that each individual will hold in the property. This is important for determining the distribution of financial responsibilities and benefits, including mortgage payments, property taxes, insurance, and maintenance costs. 4. Financial contributions: The agreement outlines the initial contributions made by each party towards the purchase of the property. It may also address additional financial contributions for repairs, renovations, or improvements. 5. Mortgage and expenses: The agreement determines how mortgage payments will be divided between the joint tenants, including the principal amount, interest, and other related costs. It also clarifies the allocation of other expenses, such as property taxes, insurance, utilities, and maintenance. 6. Decision-making and management: The agreement establishes guidelines on decision-making regarding the property, including the process for selling, refinancing, or renting it out. It may outline voting procedures or require unanimous consent for certain major decisions. 7. Dispute resolution: The agreement may include provisions for resolving disputes, such as mediation or arbitration, to avoid potential conflicts between joint tenants. 8. Termination or sale of the property: It addresses the circumstances under which the co-ownership may be terminated, such as through the sale of the property or buyout of one or more joint tenants' shares by the others. The agreement may outline the valuation method for determining the buyout amount. Variations or different types of Georgia Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may include specific clauses tailored to the unique circumstances or preferences of the parties involved. These agreements may differ in terms of property type (e.g., condominium, single-family house), duration of ownership, or other specific requirements deemed necessary by the parties.
