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 New Hampshire Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for two individuals who are not married to jointly purchase and hold a property as joint tenants. The agreement is designed to protect each individual's rights and interests in the property throughout their ownership. It establishes the ownership structure as joint tenancy, which means that both parties have an equal and undivided interest in the property. The agreement covers various essential aspects, including the property details such as address, legal description, and purchase price. It also outlines how the purchase will be financed, specifying whether it will be through cash, mortgage, or a combination of both. Furthermore, the agreement includes details on the ownership percentages, which can either be equal or different based on the parties' contribution to the purchase price. It also outlines the rights and responsibilities of each individual, such as maintenance and repairs, property taxes, and insurance. Additionally, the agreement addresses contingencies and potential issues that may arise during the joint ownership. It includes provisions for resolving disputes, decision-making processes, and the possibility of one party wanting to sell their share. It may also outline the procedures for the sale of the property, including the valuation and conveyancing process. Furthermore, it is essential to note that there are no different types of New Hampshire Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants. However, there may be variations in the specific terms and conditions included in the agreement, depending on the parties' preferences and circumstances. In conclusion, the New Hampshire Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for joint property ownership between unmarried individuals. It covers various aspects such as property details, financing, ownership percentages, rights and responsibilities, dispute resolution, and procedures for sale.
