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 North Carolina Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for two or more unmarried individuals who wish to purchase and jointly own a residential property in North Carolina. This agreement is specifically designed for unmarried individuals, such as unmarried couples or friends, who want to buy and co-own a residence together, sharing the rights and responsibilities of joint tenancy. Joint tenancy is a form of ownership where each individual has an equal right to the property and, in the event of the death of one co-owner, the surviving co-owner automatically inherits the deceased co-owner's share. The agreement covers various aspects related to the joint ownership, including the purchase of the property, the contributions and responsibilities of each co-owner, the division of expenses and bills, the sharing of income, and the procedures for decision-making. It also addresses other details, such as maintenance and repairs, insurance obligations, and the process for selling or transferring the property. There may be different types or variations of the North Carolina Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, depending on the specific needs and circumstances of the parties involved. Some potential variations could include agreements with different contribution ratios, specific terms for sharing income or expenses, or provisions for dispute resolution. Overall, this agreement serves as a legally binding contract that ensures clarity, protection, and fairness in the joint ownership of a residential property by unmarried individuals in North Carolina. By setting out the rights, responsibilities, and expectations of all parties involved, it helps prevent potential conflicts and streamline the decision-making process, enhancing the overall experience of co-owning a property together.
