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 Illinois Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for unmarried individuals who wish to purchase and co-own a residential property in the state of Illinois. This agreement is specific to joint tenancy, which is a type of property ownership where each individual has an equal ownership interest in the property. Keywords: 1. Illinois: Refers to the state in which the agreement is enforceable and governed by the state's laws and regulations. 2. Agreement: A formal and legally binding contract between two or more parties, outlining the terms and conditions of their joint tenancy. 3. Unmarried Individuals: Specifically addresses individuals who are not legally married but wish to establish joint ownership. 4. Purchase: Refers to the act of acquiring the property, usually through financial means such as buying from a seller or a mortgage. 5. Hold Residence: Indicates the purpose of the property as a primary or secondary residence for the individuals involved. 6. Joint Tenants: Describes the type of ownership where each individual holds an equal share and has equal rights and responsibilities regarding the property. Different types (if applicable): It is important to note that there may be variations or additional types of agreements tailored to specific situations or preferences. These variations can include: 1. Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Rights of Survivorship: This type of agreement ensures that if one co-owner passes away, their share automatically transfers to the other co-owner(s), avoiding the need for probate. 2. Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Tenancy in Common: This type of agreement allows for each co-owner to have a distinct and transferable ownership interest, allowing them to sell or will their share to another party. 3. Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Limited Rights: This type of agreement may involve specific restrictions or limitations on the rights and responsibilities of each co-owner, addressing concerns such as the use of the property or financial contributions. These variations may offer additional flexibility and customization to meet the unique needs and circumstances of the unmarried individuals involved in the joint tenancy.
