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 Oklahoma Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document specifically designed for unmarried individuals who wish to purchase a residential property together and hold it as joint tenants. This agreement outlines the rights, responsibilities, and ownership interests of each party involved in the joint tenancy. By entering into this agreement, both parties agree to contribute financially towards the purchase price of the residence and any subsequent mortgage payments, taxes, insurance, and maintenance costs associated with owning the property. It also lays out their respective shares of ownership in the property. The agreement typically contains the following key provisions: 1. Identification of the Parties: The names, addresses, and contact information of both individuals intending to purchase the property together as joint tenants. 2. Property Description: A detailed description of the residential property being purchased, including its address, legal description, and any relevant details about the property. 3. Purchase Price and Contributions: The agreed-upon purchase price of the property, as well as each party's contribution towards the purchase. This may include down payment, earnest money, or any other financial contributions. 4. Proportional Ownership: The agreement specifies the percentage or fraction of ownership that each party will have in the property. This ensures clarity and equity in the event of any future disputes or changes in circumstances. 5. Rights and Responsibilities: The document outlines the rights and responsibilities of each party, including their rights to use and enjoy the property, obligations for shared expenses, maintenance responsibilities, and decision-making processes. 6. Mortgage Payments and Liability: This section deals with the parties' obligations regarding mortgage payments, including how they will be allocated and the consequences of any defaults or missed payments. It may also address the liability of each party should one default on their financial obligations. 7. Sale or Transfer of Interest: This provision addresses what will happen if one party wishes to sell or transfer their interest in the property. It might outline the process for valuation, right of first refusal by the other party, and any necessary documentation or procedures to effectuate a transfer. 8. Dispute Resolution: In the event of a disagreement or dispute between the parties, this section lays out the preferred method of resolving conflicts, which could include negotiation, mediation, or arbitration. Different types or variations of this agreement may exist based on the specific needs and circumstances of the individuals involved. For example, there may be different versions for parties who wish to hold the property as tenants in common or for those who require additional clauses regarding how the property will be distributed upon death or dissolution of the agreement. Overall, the Oklahoma Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a comprehensive legal document that establishes the terms and conditions for joint ownership of a residential property by unmarried individuals, ensuring clarity and protection of the rights and obligations of each party involved.
