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 Texas Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the agreement reached between two or more individuals who are unmarried, in Texas, regarding the purchase and ownership of a property as joint tenants. This agreement establishes the rights and responsibilities of the co-owners and provides clarity on how the property will be purchased, maintained, and distributed in the event of a separation or death of one of the parties. The agreement covers various important aspects such as the identification of the property being purchased, the contribution made by each co-owner towards the purchase price and ongoing expenses, and the percentage of ownership to be assigned to each party. It also addresses the distribution of proceeds from the sale of the property, should it be sold, and any potential reimbursements for contributions made towards the purchase and improvement of the property. In addition, the agreement may include provisions relating to the use and occupancy of the property, detailing who will live in the property and under what conditions. It can also outline guidelines for property maintenance, repairs, and renovations, specifying how these expenses will be divided between the co-owners. Furthermore, the agreement may establish procedures and mechanisms for resolving disputes or disagreements that may arise during the co-ownership, including mediation or arbitration processes. It may also account for the events of death or incapacitation of one of the co-owners, providing instructions on how the property will be distributed among the remaining co-owners or heirs. If there are variations or different types of this agreement, they may include specific provisions tailored to the unique circumstances of the co-owners, such as differing ownership percentages or specific restrictions on the use of the property. These variations may also depend on factors such as the presence of a mortgage or other financial obligations related to the property. Overall, the Texas Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is designed to protect the rights and interests of co-owners, ensuring a clear understanding and agreement on the terms of the property ownership and management.
