Tenants In Common Vs Joint Tenants With Right Of Survivorship In Ohio
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' outlines the terms under which two unmarried individuals can acquire property as joint tenants with right of survivorship in Ohio. This arrangement allows each party to own an undivided one-half interest in the property, ensuring that in the event of one owner's death, the other automatically inherits their share. Key features of the agreement include the establishment of joint responsibilities for expenses related to the property, the creation of a joint checking account for managing these expenses, and the stipulation that neither party can sell or transfer their interest without offering it to the other party first. This form serves attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for property ownership disputes and assisting in the management of shared assets. Filling and editing instructions emphasize the need to accurately fill in personal details and descriptions of the property, ensuring clarity in the agreement's terms. Specific use cases include cohabitating partners who wish to secure ownership rights and legal practitioners advising clients on the best form of property ownership in Ohio.
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