Joint Tenants Or Tenants In Common With Equal Shares In Queens
Category:
State:
Multi-State
County:
Queens
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 tailored for unmarried individuals looking to acquire property in Queens, establishing joint ownership as joint tenants with right of survivorship. This form stipulates that both individuals will hold equal shares in the property, ensuring each owner possesses an undivided one-half interest. Users are guided to fill in specific details, such as legal descriptions and financial obligations, which include shared costs for mortgage payments, taxes, insurance, and maintenance. The form also mandates the establishment of a joint checking account for ease in managing shared expenses. Importantly, it prohibits the sale or transfer of interests without offering first to the other party, promoting fairness and communication during ownership. Individuals, including attorneys, partners, owners, and paralegals, can utilize this agreement to prevent disputes, clarify financial responsibilities, and outline procedures for dealing with potential changes in ownership. In essence, this agreement serves as a comprehensive tool for co-owners to navigate their rights and responsibilities clearly.
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