The Indiana Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal document that outlines the terms and conditions of joint ownership between two unmarried individuals. This agreement is specifically designed for individuals who wish to purchase and own a property together, sharing equal ownership rights, responsibilities, and potential benefits. With this agreement, the individuals involved can clarify their intentions and protect their interests in the property. It is crucial for unmarried individuals to have a formal agreement in place to avoid any potential disputes or legal complexities in the future. Some key components covered in this agreement include the identification of the property, the percentage of ownership each party holds, the financial contributions made by each party, rules for decision-making regarding the property, maintenance responsibilities, and the process for selling the property if desired. By signing this agreement, both parties acknowledge their intention to hold the property as joint tenants with the right of survivorship. This means that if one party passes away, their share automatically transfers to the surviving party, without the need for probate proceedings. Different Types of Indiana Agreements between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may include variations in terms and conditions based on the specific needs and preferences of the individuals involved. Some common variants may include agreements specific to residential properties, vacation properties, or investment properties. In conclusion, the Indiana Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a crucial legal document that provides clarity and protection for individuals entering into joint property ownership. It ensures that all parties involved have a clear understanding of their rights, responsibilities, and potential outcomes, even in unforeseen circumstances. It is advisable to consult with a legal professional when drafting or signing such an agreement to ensure it meets all necessary legal requirements and adequately covers the parties' interests.