Tenants In Common Vs Joint Tenants With Right Of Survivorship In Fairfax
Category:
State:
Multi-State
County:
Fairfax
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 serves as a binding agreement between two unmarried individuals who intend to jointly purchase real estate. The form establishes ownership as joint tenants with right of survivorship, meaning that upon the death of one tenant, their share automatically passes to the surviving tenant. The document outlines the responsibilities for expenses related to the property, including mortgage payments, taxes, and utilities, which both parties are to share equally. It also describes the process for selling or transferring ownership interests, ensuring that both parties have the opportunity to buy the other's share before an outside purchaser is sought. Additionally, the form includes a valuation agreement that specifies how the property's worth will be determined annually. For attorneys, partners, owners, associates, paralegals, and legal assistants, this document is useful for facilitating property ownership arrangements, ensuring clear guidelines for financial responsibilities and rights in case of any disputes or death of one party. It can also serve as a foundation for discussions regarding property co-ownership, and the implications of joint tenancy versus tenancy in common.
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