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.
Utah Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that allows two or more unmarried individuals to jointly invest in and own residential property in the state of Utah. This agreement outlines the terms, conditions, and responsibilities of the co-owners, ensuring a clear understanding of their rights, obligations, and division of ownership interests. This agreement is designed for unmarried individuals who wish to jointly purchase a residential property, such as a house or an apartment, in Utah. It provides a framework for the co-owners to govern their rights and responsibilities, similar to a tenancy in common arrangement. However, the key distinction is that the co-owners hold the property as joint tenants, which includes a right of survivorship. This means that if one co-owner passes away, their share automatically passes to the surviving co-owner(s), bypassing probate. The Utah Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants typically includes the following key provisions: 1. Identification of Co-owners: The agreement starts by identifying all parties involved in the joint ownership, including their full legal names and contact information. 2. Property Description: A detailed description of the residential property being jointly purchased, including the address, legal description, and any other relevant information to provide a clear understanding of the property. 3. Ownership Shares: The agreement specifies the percentage or fraction of ownership interest that each co-owner holds in the property. This ensures transparency and avoids potential disputes regarding the division of profits or expenses. 4. Financial Contributions: Details about the financial contributions made by each co-owner towards the purchase price, including the down payment, closing costs, and subsequent expenses related to the property's maintenance and upkeep, taxes, insurance, and mortgage payments. 5. Expenses and Repairs: This section outlines how the co-owners will share the expenses related to the property, such as repairs, renovations, utilities, and other ongoing costs. It may specify whether the shares will be equal or proportionate to each co-owner's ownership interest. 6. Decision-Making: The agreement may address the decision-making process, either through unanimous agreement or by specifying a certain percentage of co-owners required to make decisions regarding property matters. 7. Right of First Refusal: This provision allows co-owners to have a first opportunity to purchase the shares of a co-owner who wishes to sell their interest in the property before selling to an outsider. 8. Termination and Dispute Resolution: The agreement may outline the conditions under which the joint tenancy can be terminated, including the sale of the property and any processes or mechanisms for resolving disputes that may arise among the co-owners. It's worth noting that while the Utah Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a commonly used document for co-ownership arrangements, there may be variations or customized versions depending on the specific needs of the co-owners involved.
