Tenants In Common Vs Joint Tenants Vs Tenants By The Entirety In Philadelphia

• State: Multi-State
• Category: Real Estate - Purchase Agreements
• County: Philadelphia
• Control #: US-00414BG
• Format: Word; Rich Text

Description

The form titled 'Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants' serves to establish a joint tenancy agreement between unmarried individuals in Philadelphia. It outlines that both parties will own an undivided one-half interest in a property with rights of survivorship, meaning if one tenant passes, the other inherits the property automatically. The form details each party's responsibilities, including sharing the costs of mortgage payments, taxes, utilities, and maintenance. It also describes the procedure for managing contributions to a joint checking account to cover shared expenses. Furthermore, the agreement includes stipulations regarding the sale or transfer of interest, requiring verbal and written offers between parties, as well as conditions to address potential defaults in payments. Additionally, the agreement emphasizes that modifications must be made in writing and consented to by both parties. This form is particularly useful for attorneys, partners, and legal assistants to assist clients in legally structuring their property ownership while ensuring clarity in shared responsibilities and interests, thereby preventing potential disputes.