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 Louisiana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions of joint ownership of a residential property between unmarried individuals in the state of Louisiana. This agreement is specifically designed for couples or cohabiting partners who wish to jointly purchase and hold a residence. Keywords: - Louisiana: This agreement is specifically tailored to comply with the laws and regulations of the state of Louisiana. - Agreement: It refers to a binding contract between the involved parties, in this case, the unmarried individuals. - Unmarried Individuals: This agreement is exclusively applicable to couples or partners who are not legally married. - Purchase: It pertains to the process of acquiring the residential property. - Hold Residence: It establishes the parties' intent to jointly own and occupy the residence. - Joint Tenants: It refers to the legal ownership structure, where each party has equal rights and obligations over the property. - Types: There may not be distinct types of this agreement, as its purpose focuses on unmarried individuals purchasing and holding a residence jointly. However, variations or modifications can be made to suit the specific needs and circumstances of the individuals involved.
