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

• Category: Contracts - Cohabitation
• State: Multi-State
• City: Phoenix
• 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. Title: Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship Keywords: Phoenix Arizona, agreement, unmarried individuals, purchase, hold residence, joint tenants, right of survivorship Description: A Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legally binding document that outlines the rights and responsibilities of unmarried individuals who wish to jointly purchase and hold a property with the right of survivorship. This agreement is especially useful for couples or partners who are not married but still want to invest in property together. In Phoenix, Arizona, there are different types of agreements available to accommodate diverse situations. Some of these variations include: 1. Standard Agreement: This is the most common type of agreement used by unmarried individuals in Phoenix, Arizona, to purchase and hold a residence as joint tenants with the right of survivorship. It covers important details such as the individuals' names, their respective ownership percentages, the address of the property, and the agreed-upon purchase price. 2. Financial Considerations: This type of agreement includes provisions that outline the contributions each individual will make towards the purchase price, mortgage payments, property taxes, insurance, and ongoing maintenance costs. It ensures that the financial responsibilities are clearly established to avoid any disputes in the future. 3. Dissolution of Agreement: In the event that the individuals decide to end the agreement, this type of provision outlines the process for dissolving the joint tenancy and addresses matters such as the sale of the property and the division of proceeds. 4. Survivorship Rights: The main purpose of this agreement is to ensure that if one of the individuals passes away, the surviving individual automatically assumes full ownership of the property without the necessity of probate. This provision protects the survivor's rights and prevents any outside parties from making claims on the property. 5. Termination Clause: This type of agreement may include a termination clause specifying the circumstances under which the agreement can be terminated, such as the sale of the property, both parties mutually agreeing to terminate, or a breach of the terms outlined in the agreement. In conclusion, a Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is an essential legal document for unmarried partners or couples seeking to jointly invest in property. By clearly defining the rights, responsibilities, and ownership percentages of each individual, this agreement protects both parties and ensures a smooth transfer of ownership in the event of one person's passing. Different variations of the agreement cater to specific needs, such as financial considerations and dissolution clauses, providing flexibility and customization to meet the unique requirements of the individuals involved.

Title: Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship Keywords: Phoenix Arizona, agreement, unmarried individuals, purchase, hold residence, joint tenants, right of survivorship Description: A Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legally binding document that outlines the rights and responsibilities of unmarried individuals who wish to jointly purchase and hold a property with the right of survivorship. This agreement is especially useful for couples or partners who are not married but still want to invest in property together. In Phoenix, Arizona, there are different types of agreements available to accommodate diverse situations. Some of these variations include: 1. Standard Agreement: This is the most common type of agreement used by unmarried individuals in Phoenix, Arizona, to purchase and hold a residence as joint tenants with the right of survivorship. It covers important details such as the individuals' names, their respective ownership percentages, the address of the property, and the agreed-upon purchase price. 2. Financial Considerations: This type of agreement includes provisions that outline the contributions each individual will make towards the purchase price, mortgage payments, property taxes, insurance, and ongoing maintenance costs. It ensures that the financial responsibilities are clearly established to avoid any disputes in the future. 3. Dissolution of Agreement: In the event that the individuals decide to end the agreement, this type of provision outlines the process for dissolving the joint tenancy and addresses matters such as the sale of the property and the division of proceeds. 4. Survivorship Rights: The main purpose of this agreement is to ensure that if one of the individuals passes away, the surviving individual automatically assumes full ownership of the property without the necessity of probate. This provision protects the survivor's rights and prevents any outside parties from making claims on the property. 5. Termination Clause: This type of agreement may include a termination clause specifying the circumstances under which the agreement can be terminated, such as the sale of the property, both parties mutually agreeing to terminate, or a breach of the terms outlined in the agreement. In conclusion, a Phoenix Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is an essential legal document for unmarried partners or couples seeking to jointly invest in property. By clearly defining the rights, responsibilities, and ownership percentages of each individual, this agreement protects both parties and ensures a smooth transfer of ownership in the event of one person's passing. Different variations of the agreement cater to specific needs, such as financial considerations and dissolution clauses, providing flexibility and customization to meet the unique requirements of the individuals involved.