Tenants In Common Vs Joint Tenants With Right Of Survivorship In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The document titled 'Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants' outlines the terms for two unmarried individuals to jointly own real estate as joint tenants with right of survivorship rather than as tenants in common. Key features include provisions for shared expenses related to the property, the establishment of a joint checking account, and specific conditions regarding the sale or transfer of interests in the property. This form is particularly relevant for attorneys, partners, owners, associates, paralegals, and legal assistants who may need to guide clients through real estate transactions. It provides clear instructions for filling out the agreement and emphasizes the importance of mutual consent for financial decisions and modifications. The form also includes legal language that addresses mortgage limitations and consequences of non-compliance, ensuring both parties understand their rights and obligations. Overall, it serves as a vital tool for maintaining clarity and protection in shared property ownership.
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