Joint Tenancy For Unmarried Couples In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00414BG
Format:
Word;
Rich Text
Instant download
Description
The Joint Tenancy for Unmarried Couples in Wake form is designed for individuals who are not legally married but wish to purchase and hold a residence together as joint tenants. This form facilitates the establishment of joint ownership, ensuring that both parties have equal rights to the property with the right of survivorship, meaning that if one owner passes away, their share automatically transfers to the surviving owner. It outlines shared responsibility for property expenses such as mortgage payments, taxes, and maintenance costs. Additionally, it allows for the creation of a joint checking account to manage these expenses. The agreement includes restrictions on selling or transferring interest in the property, ensuring that both parties must consent to any transaction. It also provides a method for determining the property’s value over time. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear legal framework to navigate co-ownership issues, protect both parties' rights, and define financial responsibilities.
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