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 Montana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions under which unmarried individuals can jointly purchase and own a residential property in the state of Montana. It serves as a contract between the parties involved and clarifies their rights, responsibilities, and obligations regarding the property. The agreement is specifically designed for unmarried individuals who wish to purchase a residence together and hold it as joint tenants. Joint tenancy implies that all co-owners have an equal right to possess and enjoy the property. In case one co-owner passes away, the remaining co-owners automatically inherit their share. The agreement includes various elements to ensure a clear understanding of the arrangement. It begins with identifying the parties involved, providing their contact details, and stating their intention to purchase the property together. The document also specifies the address and legal description of the property being purchased. Additionally, the agreement outlines the financial aspects of the joint purchase, including the total purchase price, down payment, and how the remaining balance will be divided between the co-owners. It may also cover the arrangement for future mortgage payments, property taxes, insurance, and maintenance costs. Moreover, the agreement typically includes provisions addressing potential circumstances that may arise during the co-ownership, such as the process of selling the property, refinancing, or making improvements. It may establish guidelines for resolving disputes, including mediation or arbitration procedures. If there are modifications or amendments made to the agreement at any point, they should be recorded in writing and signed by all co-owners to ensure the document is up to date and accurate. Although the description above provides an overview of the general contents of a Montana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, it is important to note that there may be different variations or templates available with customized provisions based on specific needs or preferences. However, the core purpose of these agreements remains the same, which is to establish a legally binding framework for unmarried individuals to jointly purchase and own a property in Montana.
