Joint Tenancy Definition With Real Estate In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants outlines the joint tenancy definition with real estate in Philadelphia. This legal form allows two unmarried parties to hold property as joint tenants, providing them each an undivided one-half interest in the property with rights of survivorship. Key features of the form include the execution of a deed to establish joint tenancy, shared financial responsibilities for property expenses such as mortgage payments and utilities, and the creation of a joint checking account for shared costs. Important instructions for completion advise parties to provide their names, the property’s legal description, and the agreed financial arrangement in a clear manner. The form also addresses handling disputes in selling interests, establishing property valuations over time, and necessary consents for mortgages or assignments. Target audience members, including attorneys, partners, owners, associates, paralegals, and legal assistants, can effectively utilize this agreement to ensure clear understanding and legal binding regarding property ownership, which protects their respective interests well.
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