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

• Category: Real Estate - Purchase Agreements
• State: Multi-State
• Control #: US-0058BG
• Format: Word; Rich Text

Description

Joint tenants with right of survivorship (JTWROS) is usually the preferred form of co-ownership for unmarried couples buying a home together. At common law, joint tenancy is co-ownership of property by two or more persons characterized by the ?ˆ?four unities:?ˆ Massachusetts 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 for two or more unmarried individuals to jointly purchase and own a residential property in Massachusetts. This agreement allows co-owners to hold the property as joint tenants, which means that upon the death of one co-owner, their ownership interest automatically transfers to the surviving co-owner(s). The Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship typically includes the following key provisions: 1. Identification of Parties: The agreement identifies all the individuals who are purchasing the property as joint tenants with the right of survivorship. It includes their full names, addresses, and contact information. 2. Property Details: The agreement includes a detailed description of the residential property being purchased, including the address, legal description, and any specific features or conditions. 3. Financial Contributions: This section outlines the financial contributions made by each co-owner towards the purchase of the property. It specifies the exact dollar amounts or percentages contributed by each individual. 4. Ownership Shares: The agreement specifies the ownership shares of each co-owner. It clarifies whether the ownership interests are equal or if they differ based on the financial contributions made. 5. Right of Survivorship: The agreement establishes that the co-owners hold the property as joint tenants with the right of survivorship. This means that if one co-owner passes away, their ownership interest automatically transfers to the surviving co-owner(s) without the need for probate. 6. Mortgage and Expenses: This section addresses the responsibilities for mortgage payments, property taxes, insurance, maintenance, repairs, and other associated expenses. It outlines how these costs will be shared among the co-owners. 7. Dispute Resolution: The agreement may include a provision specifying the preferred method of resolving any disputes that may arise between the co-owners, such as mediation or arbitration. 8. Default and Breach: This section outlines the consequences of default or breach of any obligations mentioned in the agreement and the possible remedies available to the non-defaulting party. 9. Termination or Sale: The agreement may address the circumstances under which the co-owners can terminate the agreement or sell the property. It may include provisions related to selling procedures, buyout options, or preemptive rights for co-owners. 10. Execution and Governing Law: The agreement specifies the date of execution and the signatures of all co-owners. It also mentions that the agreement is governed by the laws of Massachusetts. It's important to note that while the above description provides a general overview, the actual content and provisions of the Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may vary depending on the specific circumstances and preferences of the co-owners involved. Different types of Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may exist based on varying clauses, conditions, or additional provisions tailored to meet specific requirements. However, the basic framework and purpose of the agreement remain the same.

Massachusetts 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 for two or more unmarried individuals to jointly purchase and own a residential property in Massachusetts. This agreement allows co-owners to hold the property as joint tenants, which means that upon the death of one co-owner, their ownership interest automatically transfers to the surviving co-owner(s). The Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship typically includes the following key provisions: 1. Identification of Parties: The agreement identifies all the individuals who are purchasing the property as joint tenants with the right of survivorship. It includes their full names, addresses, and contact information. 2. Property Details: The agreement includes a detailed description of the residential property being purchased, including the address, legal description, and any specific features or conditions. 3. Financial Contributions: This section outlines the financial contributions made by each co-owner towards the purchase of the property. It specifies the exact dollar amounts or percentages contributed by each individual. 4. Ownership Shares: The agreement specifies the ownership shares of each co-owner. It clarifies whether the ownership interests are equal or if they differ based on the financial contributions made. 5. Right of Survivorship: The agreement establishes that the co-owners hold the property as joint tenants with the right of survivorship. This means that if one co-owner passes away, their ownership interest automatically transfers to the surviving co-owner(s) without the need for probate. 6. Mortgage and Expenses: This section addresses the responsibilities for mortgage payments, property taxes, insurance, maintenance, repairs, and other associated expenses. It outlines how these costs will be shared among the co-owners. 7. Dispute Resolution: The agreement may include a provision specifying the preferred method of resolving any disputes that may arise between the co-owners, such as mediation or arbitration. 8. Default and Breach: This section outlines the consequences of default or breach of any obligations mentioned in the agreement and the possible remedies available to the non-defaulting party. 9. Termination or Sale: The agreement may address the circumstances under which the co-owners can terminate the agreement or sell the property. It may include provisions related to selling procedures, buyout options, or preemptive rights for co-owners. 10. Execution and Governing Law: The agreement specifies the date of execution and the signatures of all co-owners. It also mentions that the agreement is governed by the laws of Massachusetts. It's important to note that while the above description provides a general overview, the actual content and provisions of the Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may vary depending on the specific circumstances and preferences of the co-owners involved. Different types of Massachusetts Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship may exist based on varying clauses, conditions, or additional provisions tailored to meet specific requirements. However, the basic framework and purpose of the agreement remain the same.