Joint Tenancy For Unmarried Couples In San Bernardino

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

Description

The document titled Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is designed for unmarried partners in San Bernardino who wish to jointly own property. This agreement establishes a joint tenancy with the right of survivorship, ensuring that each partner holds an undivided one-half interest in the property. Key features include provisions for the sharing of expenses related to the property, procedures for handling default in payments, and rules governing the sale or transfer of interest in the property. Users are required to set up a joint checking account for shared expenses, and a framework is provided to establish property valuation annually. The agreement emphasizes mutual consent for significant decisions, such as selling or encumbering the property. Additionally, the form contains legal protections and stipulations to address the defaulting party's obligations and the process for dispute resolution, including attorney fee reimbursement. This form is utility-rich for attorneys, partners, owners, associates, paralegals, and legal assistants as it offers clear instructions on property ownership in a collaborative manner while providing legal safeguards pertinent to cohabitating couples.