Joint Tenancy Definition With Example In Pennsylvania
Category:
State:
Multi-State
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that establishes joint tenancy between two unmarried individuals in Pennsylvania. Joint tenancy allows both parties to own property equally with the right of survivorship, meaning if one party passes away, the other automatically inherits their share. For instance, if partners Sarah and John acquire a home together as joint tenants, when one of them dies, the other becomes the sole owner without needing to go through probate. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it outlines the responsibilities for expenses related to the property, establishes a joint checking account for shared costs, and details procedures for selling or transferring interests in the property. The agreement contains clauses for expenses, establishing property value, and conditions for modifications or violations, ensuring clear operations for the parties involved. Parties are also required to review property valuation annually, which fosters ongoing communication and transparency. Overall, this agreement serves to protect both parties' interests while facilitating a cooperative ownership structure.
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