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Agreement by Unmarried Individuals to Purchase and Hold Residence as...

Tenants In Common Vs Joint Tenancy For Married Couples In Philadelphia

Q: What is the best deed for a married couple?

For instance, if you&#039;re married, the most common way to title your home is Tenancy by the Entirety (TBE).

Category:

Real Estate - Purchase Agreements

State:

Multi-State

County:

Philadelphia

Control #:

US-00414BG

Format:

Instant download

Description

The document titled "Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants" outlines the terms under which unmarried individuals can jointly own property as joint tenants with rights of survivorship, specifically relevant for understanding the distinction between tenants in common and joint tenancy for married couples in Philadelphia. Key features include provisions for sharing property expenses, the establishment of a joint checking account for related costs, and conditions surrounding the sale or transfer of property interests. The agreement outlines the valuation process for the property, payment obligations, and the consequences of failing to comply with financial commitments. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who assist clients in navigating property ownership agreements, ensuring clear understanding of rights and responsibilities when co-owning a residence. Users can edit the form by inserting property details, agreed monetary values, and adjusting terms as necessary based on individual circumstances. This agreement serves as a vital tool for those seeking to comprehensively outline their intentions regarding property ownership, thereby mitigating potential disputes.

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FAQ

The Bottom Line Tenancy by the entirety is a legal arrangement where a married couple shares equal ownership of a property, and ownership automatically passes to the survivor if their partner dies. This allows the survivor to avoid probate and protects the home from any claims against the other tenant.

To sum up: Joint tenants must receive their property interest simultaneously and from the same source with an equal share and equal rights to possess the entire property. By contrast, tenants in common can receive their interest at different times and from disparate legal sources and don't have to possess equal shares.

Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.

For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE).

Tenants in common gives you more protections and you can specify in a deed of trust what you would want to happen in the event of relationship breakdown (eg if one of you has first dibs to buy the other out, or a time limit on doing so etc) which is definitely better to decide now whilst you still like each other!