Tenants In Common Vs Joint Tenants With Right Of Survivorship In Utah

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

Description

The form titled "Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants" is essential for individuals in Utah who wish to co-own property as joint tenants with right of survivorship rather than as tenants in common. This agreement emphasizes that each party holds an undivided interest in the property, ensuring that upon the death of one owner, their share automatically transfers to the surviving owner, thereby avoiding probate. Key features include the establishment of shared financial responsibilities, a joint checking account for expenses, and conditions under which one party can sell their share. Users are required to agree on property valuations annually and secure mutual consent before mortgaging or transferring share interests. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a clear framework for co-ownership responsibilities and rights in property transactions, safeguarding both parties' interests. The document serves as a reference for creating personalized agreements while ensuring compliance with state laws. Filling and editing are straightforward; users should ensure accurate provision of legal property descriptions and valuation procedures.