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 Vermont Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document designed for unmarried individuals who wish to purchase and jointly own a property in the state of Vermont. This agreement outlines the rights and responsibilities of the co-owners and ensures a clear understanding of their ownership interests and obligations. Keywords: Vermont Agreement, Unmarried Individuals, Purchase, Hold Residence, Joint Tenants The purpose of this agreement is to define the legal relationship between unmarried individuals who are buying a property together. It establishes the joint tenancy arrangement, which means that the co-owners have an equal and undivided interest in the property. Each tenant possesses the right of survivorship, meaning that if one co-owner passes away, their share automatically transfers to the surviving co-owner(s). This agreement covers various important aspects related to the joint ownership, including: 1. Property Details: The agreement should specify the property being purchased, including its address, legal description, and any other relevant details. 2. Co-Owners' Information: It is essential to include the full names, addresses, and contact details of all parties entering into the agreement. This ensures that all individuals involved are explicitly identified. 3. Ownership Shares: The agreement must indicate the percentage of ownership allotted to each co-owner. This is typically an equal or predetermined division of shares, but it can vary depending on the parties' arrangement. 4. Financial Contributions: The agreement should outline the financial obligations of each co-owner, including the initial down payment, mortgage payments, property taxes, insurance, maintenance costs, and any other shared expenses. It is crucial to specify how these expenses will be divided among the co-owners. 5. Mortgage and Liabilities: If the property is being financed using a mortgage, the agreement should state who takes responsibility for the mortgage payments and how the liability will be divided. It should also address potential scenarios such as defaulting on mortgage payments. 6. Decision-Making: The agreement may contain provisions regarding decision-making processes related to the property, including home improvements, renovations, or selling the property. It can outline how consensus will be reached or whether a voting system will be implemented. 7. Dispute Resolution: To avoid potential conflicts, the agreement may include a section that addresses dispute resolution mechanisms, such as mediation or arbitration, to be followed in case of disagreements between the co-owners. Different types of Vermont Agreements by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may include specific clauses tailored to the unique needs of the co-owners. For example, additional provisions may be added to address responsibilities in case of a co-owner's death, incapacity, or desire to sell their share in the property. It is important to consult with an attorney specializing in real estate law to draft or review the agreement, ensuring that it complies with Vermont state laws and meets the specific requirements and intentions of the co-owners.
