Tenants In Common Vs Joint Tenants With Right Of Survivorship In Nevada

• 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 is a legal document designed for unmarried individuals purchasing real estate together in Nevada. This agreement establishes joint tenancy with right of survivorship, ensuring that upon the death of one tenant, the other inherits the deceased's share automatically, as opposed to tenants in common, where the share would pass to heirs. Key features include the division of expenses, creation of a joint checking account for managing property costs, and restrictions on selling or transferring interests in the property without the other party's consent. It's essential to outline a valuation process for the property and include provisions for disputes over unpaid expenses. This form is particularly useful for attorneys, partners, property owners, associates, paralegals, and legal assistants as it provides a clear framework for ensuring equitable ownership and financial responsibilities. Additionally, it serves to protect the interests of both parties, preventing unilateral decisions that could impact the partnership.