Joint Tenancy Definition With Example In Illinois

• Category: Real Estate - Purchase Agreements
• State: Multi-State
• Control #: US-00414BG
• Format: Word; Rich Text

Description

Joint tenancy is a form of property ownership where two or more parties hold equal shares with the right of survivorship, meaning if one owner dies, their share automatically transfers to the surviving owner(s). In Illinois, this can be particularly useful for unmarried individuals who wish to co-own property. This document, Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, outlines the responsibilities and rights of the parties involved, emphasizing shared expenses and procedures for selling interests in the property. Key features include the establishment of a joint checking account for shared expenses, guidelines for property valuation, and restrictions on transferring interests without mutual consent. The form is useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for property co-ownership, ensuring all terms are agreed upon in writing to avoid disputes. It serves not only to clarify financial responsibilities but also to protect both parties' rights throughout their joint ownership. Filling instructions suggest that users complete the document with detailed property information and sign in the presence of a notary public, making it a legally binding agreement.