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 Maryland Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding contract entered into by two or more unmarried individuals who wish to jointly purchase and hold a residential property in the state of Maryland. The agreement outlines the terms and conditions agreed upon by the parties involved, including the percentage of ownership and financial contribution each person will have in the property. It also defines the rights and responsibilities of each party, such as maintenance and repair obligations, payment of taxes and insurance, and the distribution of proceeds in case of a sale. This type of agreement is commonly used by unmarried couples or individuals who wish to invest in real estate together while maintaining separate legal ownership interests. It ensures that each co-owner's rights and obligations are clearly defined, preserving their individual interests in the property. The Maryland Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may have different types depending on the specific circumstances and preferences of the parties involved. Examples of such types include: 1. Standard Agreement: This is the most common type, where all co-owners have equal ownership percentages and contribute equally to the purchase price and ongoing expenses. 2. Unequal Contribution Agreement: In this type, co-owners contribute different amounts towards the purchase price and ongoing expenses, resulting in unequal ownership percentages. This arrangement is often utilized when one party has more financial resources than the other. 3. Exit Strategy Agreement: This type of agreement includes provisions outlining the process for the sale or buyout of a co-owner's interest in the property. It helps to address situations where one party wants to exit the joint tenancy arrangement, providing a clear roadmap for resolving any potential disputes. It is essential to consult with a legal professional experienced in real estate law when drafting or entering into a Maryland Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants. This ensures that the agreement complies with applicable state laws and accurately reflects the intentions and expectations of the parties involved.
