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 South Carolina Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the agreement between two individuals who are not married but wish to jointly purchase and own a residential property in the state of South Carolina. This agreement serves as a means to define the rights and responsibilities of each individual regarding the property and establishes their status as joint tenants. Joint tenancy is a form of property ownership where all owners hold an equal interest in the property, and in the event of death, the ownership automatically passes to the surviving joint tenant(s), rather than being subject to probate. Some relevant keywords to describe this agreement include: South Carolina, agreement, unmarried individuals, purchase, hold, residence, joint tenants, legal document, property ownership, rights, responsibilities, joint tenancy, probate, equal interest, survival. As for different types of South Carolina Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, there may not be unique variants of this specific agreement. However, there might be different templates or formats available depending on the circumstances of the individuals involved, such as whether they are investing equal funds or if one party contributes more to the purchase price. Additionally, specific clauses might be added to address various contingencies or scenarios such as the division of expenses, dispute resolution, or the option to sell the property in the future.
