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

• Category: Contracts - Cohabitation
• State: Multi-State
• Control #: US-0179BG
• Format: Word; Rich Text

Description

A joint tenancy or joint tenancy with right of survivorship is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the property simply evaporates and cannot be inherited by his or her heirs. Under this type of ownership, the last owner living owns all the property, and on his or her death the property will form part of their estate. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners have an equal share in the property.

The Hawaii Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal document designed specifically for unmarried individuals who wish to collectively invest in a residential property. This type of agreement ensures that both parties have an equal stake and share in the property and outlines the rights and responsibilities of each person involved. In the Hawaii Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship, the term "joint tenants with right of survivorship" indicates that if one party passes away, their share automatically transfers to the surviving partner without the need for probate. This provides the surviving partner with full ownership and control of the property, enabling them to continue residing in it and potentially sell or transfer the property if desired. One important aspect of this agreement is the equal sharing of financial responsibilities. Both individuals are required to contribute a specified amount towards the purchase, ongoing mortgage payments, property taxes, insurance, and maintenance costs. The document outlines the percentage of ownership rights each party holds, typically ranging from 50% to 50% or any other agreed-upon distribution. The agreement also covers contingencies and potential conflicts that may arise between the unmarried individuals. It addresses how disputes will be resolved, how decisions regarding the property will be made, and under what circumstances a sale or transfer may occur. This helps provide a clear framework for navigating any issues that may arise during the course of joint ownership. It is important to differentiate the Hawaii Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship from similar agreements, such as Tenancy in Common or Domestic Partnership Agreements. While a Tenancy in Common agreement allows for unequal ownership shares and does not include a right of survivorship, the Hawaii Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship provides equal shares and the right of survivorship. Domestic Partnership Agreements, on the other hand, are specifically designed for couples in committed relationships, whereas the Hawaii Agreement between Unmarried Individuals is applicable to any unmarried individuals seeking to purchase property together. Overall, the Hawaii Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship offers a legal framework for unmarried individuals to invest in a property together, protecting their rights and interests while providing clarity on ownership, responsibilities, decision-making, and succession in the event of one partner's death.