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 Maine Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions agreed upon by unmarried individuals who wish to jointly purchase and own a residence in the state of Maine. This agreement serves as a written contract to establish the rights and responsibilities of each individual involved in the joint tenancy arrangement. Keywords: Maine Agreement, Unmarried Individuals, Purchase, Hold, Residence, Joint Tenants This agreement is specifically designed for unmarried couples or individuals who want to own and maintain a property together, sharing the expenses and benefits associated with it. It is important to note that joint tenancy is a form of ownership where all parties involved have equal shares and rights to the property. This document helps to ensure that the interests and contributions of each individual are protected in case of any disputes or changes in circumstances in the future. The agreement typically includes the following key provisions: 1. Identification of Parties: The agreement begins by clearly identifying all the parties involved, including their full names and current addresses. 2. Property Details: A detailed description of the property being purchased is provided, including its address, legal description, and any other relevant information required for identification. 3. Ownership Shares: The agreement specifies the ownership shares of each individual involved in the joint tenancy. This ensures that each party's investment in the property is recognized and establishes their respective rights and entitlements. 4. Financial Contributions: The document outlines the financial contributions made by each party, including the initial purchase price, down payment, and ongoing expenses such as mortgage payments, property taxes, insurance, and maintenance costs. It may also include provisions for sharing future expenses. 5. Use and Occupancy: This section clarifies the manner in which the property will be used and occupied by the joint tenants. It may address issues such as personal use, rental agreements, or limitations on modifications to the property. 6. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements are outlined, along with the procedures for cost allocation and decision-making regarding these matters. 7. Future Changes: The agreement should include provisions for potential changes in circumstances, such as one party wanting to sell their share, or the dissolution of the joint tenancy. It may establish a buyout process or specify the procedure for selling the property and distributing the proceeds. Types of Maine Agreements by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may include variations based on specific requirements or circumstances. These could include different provisions or clauses tailored to the needs of the individuals involved, such as whether they are contributing equal or unequal shares, whether one of the parties will reside in the property exclusively, or if there will be rental income generated from the property. In summary, the Maine Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that establishes the rights, responsibilities, and ownership shares of unmarried individuals who are jointly purchasing a property in Maine. It ensures clarity and protection for all parties involved in the joint tenancy arrangement.
