Joint Tenancy Definition With Right Of Survivorship Example In Illinois

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

Description

The Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants outlines the legal framework for two unmarried individuals to acquire and hold a property as joint tenants with right of survivorship in Illinois. This arrangement means that both parties own an undivided interest in the property, and upon the death of one tenant, their share automatically transfers to the surviving tenant. Key features include the requirement for both tenants to share expenses equally related to the property, such as mortgage payments and maintenance costs. The form also establishes parameters for a joint checking account to manage these expenses and sets conditions for selling or transferring interests in the property. It allows for a valuation of the property that is reviewed annually, ensuring both parties agree on its worth. Filling out this form properly is crucial, requiring clear identification of the parties and the property address, along with the execution of a deed. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate property ownership arrangements while ensuring legal protections are upheld. This form serves as a beneficial tool for those in such partnerships by clarifying rights and responsibilities, creating a structured approach to property management, and minimizing potential disputes.