Contracts For Unmarried Couples That Are Buying A Home In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a crucial legal document designed for couples buying a home together in Franklin. This form establishes joint tenancy with rights of survivorship, ensuring that both parties own equal shares of the property. Key features include the division of expenses, such as mortgage payments and maintenance costs, and the requirement to maintain a joint checking account for shared expenses. Notably, the agreement restricts the sale or transfer of property interests without written consent, enhancing protection for both partners. Parties must review property valuations annually to determine selling prices and agree on modifications in writing. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants, providing a clear framework for property ownership and responsibilities. It aids legal professionals in advising clients and streamlining the home-buying process for unmarried couples, ensuring that their rights and obligations are clearly defined.
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