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 York Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions for unmarried individuals who wish to purchase and own a residential property together. This agreement is specifically designed for individuals who are not married but still want to jointly own a property and divide their ownership interests in a fair and legally binding manner. Keywords: New York Agreement, unmarried individuals, purchase, hold residence, joint tenants, legally binding, terms and conditions, residential property, ownership interests. Different types of the New York Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may include: 1. Basic Agreement: This agreement sets forth the basic terms and conditions regarding the purchase and ownership of the property by unmarried individuals as joint tenants. It typically includes provisions related to the percentage of ownership shares, financial contributions, rights and responsibilities of each party, and the process for dispute resolution. 2. Financial Agreement: This type of agreement focuses on the financial aspects of the joint ownership, such as how the purchase price will be split, who will be responsible for mortgage payments, property taxes, insurance, and utilities. It may also outline the process for handling additional expenses, renovations, and property maintenance. 3. Exit Strategy Agreement: An exit strategy agreement outlines the procedures for selling or transferring ownership of the property if one or both parties decide to end the joint tenancy. It includes provisions related to valuation, rights of refusal, buyout options, and potential penalties or mechanisms to resolve disagreements during the sale process. 4. Cohabitation Agreement: This agreement goes beyond the joint tenancy aspect and includes provisions that cover the living arrangements and general responsibilities of the unmarried individuals while residing together. It may include clauses related to household chores, financial contributions towards living expenses, decision-making processes, and dispute resolution methods. Overall, the various types of New York Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants provide flexible and comprehensive frameworks for unmarried individuals who wish to jointly own and manage a residential property with clear guidelines and provisions for their specific needs and circumstances.
