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 Pennsylvania Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document designed for unmarried individuals who wish to jointly purchase and hold a property as joint tenants in the state of Pennsylvania. This agreement outlines the terms and conditions related to the acquisition, ownership, and division of the property. Keywords: — Pennsylvania: Refers to the state in which the agreement is applicable, indicating the jurisdiction and legal framework that the document adheres to. — Agreement: A legally binding contract between the unmarried individuals, establishing their rights, obligations, and responsibilities. — Unmarried Individuals: Specifically involves individuals who are not legally married to each other but intend to jointly purchase and hold a property. — Purchase: Denotes the act of acquiring or buying the property. — Hold: Refers to the act of owning and possessing the property jointly. — Residence: Indicates that the property being purchased is intended to be used as a place of residence, such as a house or apartment. — Joint Tenants: Describes the legal ownership arrangement where both individuals have an equal undivided interest in the property. This means that if one of the individuals passes away, their share automatically transfers to the surviving joint tenant(s). — Types: There can be variations or different versions of the agreement based on specific circumstances or additional clauses added to address particular conditions. However, these specific types or variations are not explicitly mentioned, and further information would be required to identify them.
