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 Missouri Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the arrangement between two or more unmarried individuals who wish to jointly purchase and own a residence in the state of Missouri. This agreement is specifically designed for individuals who are not married but want to establish joint tenancy rights over the property. Keywords: Missouri, agreement, unmarried individuals, purchase, hold residence, joint tenants, legal document, arrangement, jointly purchase, own, state of Missouri, joint tenancy rights. There may not be different types of Missouri Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, as it is a specific agreement catered to unmarried individuals in Missouri seeking joint tenancy. However, there may be variations or amendments to this agreement based on individual preferences or specific circumstances. It is always advisable to consult with legal professionals or real estate experts to ensure the agreement meets the unique needs of the individuals involved.
