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 Mexico Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions for unmarried individuals who wish to jointly purchase and own a residential property in the state of New Mexico. This agreement allows the parties involved to hold equal interests in the property as joint tenants, which means they have an undivided ownership interest and share equal rights and responsibilities. Keywords: New Mexico, Agreement, Unmarried Individuals, Purchase, Hold Residence, Joint Tenants. There are two main types of New Mexico Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants: 1. Traditional Agreement: This agreement is the most common type and sets out the basic terms and conditions for the purchase and ownership of the property. It includes details such as the names of the parties involved, the address and legal description of the property being purchased, the agreed-upon purchase price, and the percentage of ownership interest each party will hold. 2. Customized Agreement: In certain cases, individuals may have specific requirements or unique provisions they wish to include in the agreement. A customized agreement allows the parties to tailor the terms to their specific needs or circumstances. This may include provisions related to the division of expenses, maintenance responsibilities, dispute resolution mechanisms, or any other specific conditions the parties agree upon. In both types of agreements, it is important to include provisions related to the rights and obligations of the joint tenants. These may include details about property management, mortgage payments, property taxes, insurance, repairs and maintenance, and any other relevant expenses that will be shared by the parties. Additionally, the agreement should also address the procedure for selling the property or transferring ownership interests should one party decide to sell or if there is a change in the relationship between the parties. It should clarify the process for determining the fair market value of the property, the notice requirements, and the rights of first refusal, if any. Furthermore, it is crucial to include provisions related to dispute resolution, such as mediation or arbitration, to address any potential disagreements or conflicts that may arise between the parties during the joint tenancy. Overall, the New Mexico Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants offers a legal framework for unmarried individuals to co-own a property, ensuring that their rights, obligations, and interests are appropriately protected and defined.
