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 Oregon Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding contract that allows unmarried individuals to jointly purchase and own a residential property in the state of Oregon. This agreement outlines the rights and responsibilities of the co-owners and establishes their relationship as joint tenants. Joint Tenancy is a form of co-ownership where each party has an equal undivided interest in the property. This means that all the co-owners have an equal right to possess and use the property. They are also collectively responsible for any expenses related to the property, such as mortgage payments, property taxes, and maintenance costs. This agreement is designed to protect the interests of all parties involved. It outlines how the purchase will be financed, specifying the contributions each co-owner will make towards the down payment and ongoing costs. It also includes provisions for resolving disputes, such as the procedure for selling the property or buying out a co-owner's share. The agreement is customizable and can be adapted to suit the specific needs and circumstances of the co-owners. It may include additional clauses to address concerns such as pets, rental income, or subdivisions of the property. Different types or variations of the Oregon Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may exist depending on the specific provisions included or excluded from the agreement. For example, there might be versions that include a right of survivorship clause, which ensures that if one co-owner passes away, their share automatically transfers to the surviving co-owner(s). Other versions may omit this clause, allowing the deceased co-owner's share to be inherited according to their will or state laws. In conclusion, the Oregon Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a comprehensive contract that allows unmarried individuals to co-own a residential property in Oregon. It establishes their rights and responsibilities as joint tenants and provides a framework for the purchase, financing, and ongoing management of the property.
