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 Rhode Island Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document designed for individuals who are not married but wish to purchase and co-own a residential property together as joint tenants. This agreement outlines the terms, conditions, and responsibilities of each party involved in the joint tenancy. Keywords: 1. Rhode Island: Refers to the state where the agreement is applicable, namely Rhode Island, located in the New England region of the United States. 2. Agreement: A legal contract that establishes the terms and conditions agreed upon by the individuals entering into the joint tenancy. 3. Unmarried Individuals: Refers to two or more individuals who are not legally married but wish to co-own a property together. 4. Purchase and Hold: Indicates that the agreement covers both the purchase process of the property and the ongoing responsibility for ownership and administration. 5. Residence: Refers to the property being purchased and to be jointly inhabited by the individuals involved. 6. Joint Tenants: Indicates the type of ownership structure chosen by the unmarried individuals, whereby each co-owner holds an equal and undivided interest in the property. 7. Types: There may be variations of this agreement based on specific circumstances or requirements, such as agreements tailored for investors, differing financial contributions, or specific provisions for property usage. Different types of Rhode Island Agreements by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may include: 1. Rhode Island Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants — Basic: This type of agreement includes the fundamental terms and conditions of a joint tenancy, ensuring clarity and protection for both parties. 2. Rhode Island Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants — Investor Edition: This edition is specifically designed for individuals who intend to purchase a property for investment purposes while still wanting the benefits of joint ownership. 3. Rhode Island Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants — Unequal Contributions: This type of agreement is suitable when the co-owners contribute different amounts to the purchase price, allowing for proportionate interests in the property. 4. Rhode Island Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants — Usage Provisions: This edition includes specific rules and guidelines regarding the usage and occupation of the property, ensuring a fair and equitable arrangement for all parties involved. Note: The actual variations of the agreement may differ, and consulting with a legal professional in Rhode Island is recommended to ensure compliance with state laws and individual circumstances.
