Joint Tenants Definition In Law In Massachusetts
Category:
State:
Multi-State
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' provides a legal framework for two unmarried individuals in Massachusetts to co-own a property as joint tenants with the right of survivorship. This means that in case of the death of one tenant, the surviving tenant automatically inherits the deceased's share. The agreement outlines the responsibilities of each party regarding mortgage payments, taxes, insurance, and maintenance costs, ensuring that expenses are divided equally. Both parties are required to establish a joint checking account for shared expenses, with provisions for addressing defaults in payments. Additionally, the agreement restricts either party from selling or transferring their interest in the property without first offering it to the other party, creating a system of valuation for the property over time. This form serves as a vital tool for attorneys, partners, owners, associates, paralegals, and legal assistants, as it clarifies ownership rights and obligations while helping to prevent disputes. The form should be filled out carefully, ensuring all terms are understood and agreed upon, especially regarding financial contributions and property rights.
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