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 Jersey Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document entered into by unmarried individuals who wish to jointly purchase and hold a residential property in the state of New Jersey. This agreement outlines their rights and responsibilities as joint tenants, as well as the terms and conditions of their legally binding arrangement. Keywords: — New Jersey: The document is specific to the state of New Jersey, indicating that it adheres to the laws and regulations of that jurisdiction. — Agreement: The document is a legally binding agreement that requires the consent and understanding of both parties involved. — Unmarried Individuals: This agreement is designed for individuals who are not legally married but wish to jointly purchase a property. — Purchase: The agreement focuses on the process of acquiring the residential property, including the terms of the purchase, payment, and allocation of costs. — Hold Residence: It specifies the intention to hold the property as joint tenants, indicating that both individuals will have equal ownership rights and joint possession of the property. — Joint Tenants: Joint tenancy is a legal concept where multiple individuals have an equal and undivided interest in a property, with the right of survivorship. — Rights and Responsibilities: The agreement outlines the rights and obligations of each party, including their share of ownership, responsibilities for maintenance, repairs, and any other obligations related to the property. — Terms and Conditions: The agreement sets forth the terms and conditions that both parties must agree to, such as the duration of the agreement, dispute resolution methods, and any other specific provisions deemed necessary. Different types: There may not be different types of these agreements, as it is specific to the arrangement of purchasing and holding a residential property as joint tenants. However, variations in the terms and conditions may exist depending on the preferences and circumstances of the individuals involved. It is important to consult with a legal professional to ensure that the agreement accurately reflects the intentions and needs of the parties involved.
