Detroit Michigan Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
Category:
State:
Multi-State
City:
Detroit
Control #:
US-0179BG
Format:
Word;
Rich Text
Instant download
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.
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