Tenants In Common Or Joint Tenants With Right Of Survivorship In King
Category:
State:
Multi-State
County:
King
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants allows two unmarried individuals to jointly own a property as joint tenants with right of survivorship. Each party holds an undivided one-half interest in the property, ensuring that upon the death of one tenant, their interest automatically passes to the surviving tenant. The form outlines how expenses related to the property, such as mortgage payments, taxes, and maintenance costs, are to be shared equally. Additionally, it establishes procedures for managing the sale or transfer of interests in the property, requiring written offers and valuations. This form is particularly useful for those looking to clearly define ownership rights and responsibilities, preventing misunderstandings that may arise from property ownership. It serves various legal roles, including attorneys who advise clients on estate planning, partners looking to clarify ownership arrangements, and paralegals assisting with real estate transactions. The clarity of the agreement promotes sound legal practices, ensuring that all involved parties have a clear understanding of their rights and obligations.
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