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 Dakota Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions under which two or more unmarried individuals can jointly purchase and hold a residence. This agreement is designed for individuals who are not married but wish to own property together, outlining their rights, responsibilities, and obligations as joint tenants. It serves to create a legally binding agreement between the parties involved and helps establish a clear understanding of property ownership and division of assets. The agreement covers various aspects of property ownership, such as the purchase price, contribution of funds by each party, and the percentage of ownership each individual will hold. It also outlines how the property will be titled, usually as joint tenants with rights of survivorship, meaning that in the event of the death of one party, their share of the property automatically goes to the surviving co-owner(s). Additionally, the agreement may include provisions regarding the distribution of expenses related to the property, such as mortgage payments, property taxes, insurance, and maintenance costs. It may specify how these expenses will be divided among the joint tenants, ensuring fairness and accountability. Furthermore, the agreement may establish rules and procedures for resolving disputes between the parties, including mediation or arbitration. It may also address potential scenarios such as one party wishing to sell their share of the property or the termination of the agreement. It is important to note that while this description outlines a general understanding of the North Dakota Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, there may be multiple variations of the agreement depending on specific circumstances or preferences of the parties involved.
