Cuyahoga Ohio Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship

• Category: Contracts - Cohabitation
• State: Multi-State
• County: Cuyahoga
• Control #: US-0179BG
• Format: Word; Rich Text

Description

A joint tenancy or joint tenancy with right of survivorship is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the property simply evaporates and cannot be inherited by his or her heirs. Under this type of ownership, the last owner living owns all the property, and on his or her death the property will form part of their estate. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners have an equal share in the property. The Cuyahoga Ohio Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal agreement that outlines the terms and conditions for two individuals who are not married to each other to jointly purchase and own a residential property with the right of survivorship. This agreement is specific to the Cuyahoga County in Ohio. This agreement is designed to protect the rights and interests of both parties involved in the joint ownership of a property. By entering into this agreement, unmarried individuals can establish their ownership rights, responsibilities, and obligations towards the property and each other, while also ensuring that the property's ownership will automatically pass to the surviving owner upon the death of one of them. The Cuyahoga Ohio Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship typically covers the following key aspects: 1. Identification of the Parties: The agreement will clearly mention the names, addresses, and contact details of both individuals entering into the agreement. 2. Property Details: The agreement will provide a detailed description of the residential property being jointly purchased, including its address, legal description, and any other relevant details. 3. Purchase Terms: This section outlines the financial aspects of the purchase, including the agreed purchase price, the contributions made by each individual towards the purchase, and how the ownership shares will be divided. 4. Ownership and Survivorship Rights: The agreement establishes that the property will be owned as joint tenants with right of survivorship. Upon the death of one owner, their share automatically transfers to the surviving owner(s) without the need for probate. 5. Responsibilities and Expenses: This section outlines the responsibilities and obligations of each party towards the property, such as mortgage payments, property taxes, insurance, repairs, and maintenance. It also specifies how these expenses will be shared between the owners. 6. Dispute Resolution: The agreement may include a provision for resolving disputes that may arise between the parties, such as mediation or arbitration, to avoid costly litigation. 7. Termination and Sale: This section covers the circumstances under which the agreement may be terminated, such as if both parties mutually agree to sell the property or if one party wishes to buy out the other. It is important to note that while the information provided here is common to most Cuyahoga Ohio Agreements between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship, the specific terms and conditions may vary depending on the agreement drafted by the individuals or their legal representatives.

The Cuyahoga Ohio Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal agreement that outlines the terms and conditions for two individuals who are not married to each other to jointly purchase and own a residential property with the right of survivorship. This agreement is specific to the Cuyahoga County in Ohio. This agreement is designed to protect the rights and interests of both parties involved in the joint ownership of a property. By entering into this agreement, unmarried individuals can establish their ownership rights, responsibilities, and obligations towards the property and each other, while also ensuring that the property's ownership will automatically pass to the surviving owner upon the death of one of them. The Cuyahoga Ohio Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship typically covers the following key aspects: 1. Identification of the Parties: The agreement will clearly mention the names, addresses, and contact details of both individuals entering into the agreement. 2. Property Details: The agreement will provide a detailed description of the residential property being jointly purchased, including its address, legal description, and any other relevant details. 3. Purchase Terms: This section outlines the financial aspects of the purchase, including the agreed purchase price, the contributions made by each individual towards the purchase, and how the ownership shares will be divided. 4. Ownership and Survivorship Rights: The agreement establishes that the property will be owned as joint tenants with right of survivorship. Upon the death of one owner, their share automatically transfers to the surviving owner(s) without the need for probate. 5. Responsibilities and Expenses: This section outlines the responsibilities and obligations of each party towards the property, such as mortgage payments, property taxes, insurance, repairs, and maintenance. It also specifies how these expenses will be shared between the owners. 6. Dispute Resolution: The agreement may include a provision for resolving disputes that may arise between the parties, such as mediation or arbitration, to avoid costly litigation. 7. Termination and Sale: This section covers the circumstances under which the agreement may be terminated, such as if both parties mutually agree to sell the property or if one party wishes to buy out the other. It is important to note that while the information provided here is common to most Cuyahoga Ohio Agreements between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship, the specific terms and conditions may vary depending on the agreement drafted by the individuals or their legal representatives.