Tenants In Common Vs Joint Tenancy With Right Of Survivorship In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The document titled 'Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants' outlines the terms for two unmarried individuals to jointly own real property as joint tenants with right of survivorship, as opposed to tenants in common. This agreement ensures that each party holds an equal, undivided interest in the property, and upon the death of one owner, their interest automatically passes to the surviving owner, avoiding probate. Key features include detailed provisions on shared expenses, establishing a joint checking account for payments, rules for selling or transferring interests, and a process for evaluating the property's value over time. It requires written consent for any encumbrances, ensuring mutual agreement on major financial decisions. Target users, including attorneys, partners, owners, associates, paralegals, and legal assistants, can utilize this form to facilitate ownership arrangements and outline financial responsibilities, thus minimizing potential disputes. Special attention is given to filling out the form accurately, particularly about property details and expense agreements, to ensure clarity and prevent misunderstandings among co-owners.
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