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 Washington Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions agreed upon by unmarried individuals who wish to jointly purchase and hold a residential property. This agreement is specifically created for residents of Washington state in the United States. The purpose of this agreement is to clearly define the rights, responsibilities, and obligations of each individual involved in the joint ownership of the property as joint tenants. It ensures that both parties are aware of their respective ownership interests and outlines how the property will be managed, maintained, and shared between the parties. The agreement typically includes key provisions such as the identification of the co-owners, a detailed description of the property being purchased, the proportionate ownership shares of each individual, and the financial contributions made by each party towards the purchase and ongoing expenses of the property. Furthermore, the agreement may specify the manner in which decision-making will be carried out, including voting rights, procedures for resolving disputes, and guidelines for alterations or improvements to the property. It may also address issues related to occupancy, transfer of ownership, and what happens in the event of death or default of one of the co-owners. It is worth noting that there may be various types or variations of the Washington Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, but the main objective of all these types remains the same — to establish a comprehensive framework for the cooperative ownership of a residential property between unmarried individuals. Some possible variations or subtypes of this agreement may include specific provisions related to cohabitation agreements, where unmarried couples purchase and hold property together, or agreements designed for multiple individuals or groups purchasing property together as joint tenants. By utilizing the Washington Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, individuals can ensure that their legal rights and obligations are clearly defined, contributing to transparency and harmony in their joint property ownership.
