Co ownership of real property can be in the following forms:
" Tenancy in common, in which the interest of each owner may be transferred or inherited;
" Joint tenancy, in which the tenants each have a right of survivorship;
" Tenants by the entirety, in which a husband and wife own property and have a right of survivorship; or
" Community property, which applies in some States to property acquired during the period of a marriage.
The phrase joint tenancy refers to a method of ownership by which one person mutually holds legal title to property with other persons in such a way that when one of the joint owners dies his share automatically passes to the surviving joint owners by operation of law.
Traditionally, when two or more people own real property together, they hold it as tenants in common. Owning real property as joint tenants with full rights of survivorship has, in the past, been usually been limited to married couples or other close kinship. However, there is no reason that single unmarried people cannot own property in a joint tenancy arrangement.
The Indiana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the rights, responsibilities, and obligations of unmarried individuals who wish to jointly own and hold a residence in the state of Indiana. This agreement is especially relevant for couples or partners who are not married and intend to purchase a property together. By entering into this agreement, the parties involved acknowledge their intent to jointly buy a residence and hold it as joint tenants. Joint tenancy refers to the equal ownership of a property by multiple individuals, with the right of survivorship. This means that if one party passes away, their share automatically passes to the surviving party/parties, rather than being inherited by their heirs. The agreement typically contains important information about the residence, such as the address, legal description, and purchase price. It also specifies the percentage of ownership each party will have in the property, which may not necessarily be equal. This percentage can be determined based on factors like the amount each party contributes towards the purchase price or any subsequent expenses related to the property. In addition to ownership details, the agreement covers various important aspects related to the joint ownership and management of the residence. This includes provisions for payment of expenses, such as mortgage payments, property taxes, insurance, and maintenance costs. It also addresses issues related to decision-making, repairs, renovations, and dispute resolution between the parties. It is important to note that there may be different variations or types of Indiana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants, depending on specific circumstances or additional provisions desired by the parties. For example, some agreements may include provisions for the possibility of one party buying out the other's share in the future or a buy-sell agreement in the event of a dispute or termination of the relationship. The purpose of this agreement is to establish a legally binding arrangement that clearly defines the rights and obligations of the parties involved, thus avoiding potential misunderstandings or disputes in the future. It provides a framework for the equitable division of ownership, responsibilities, and potential financial gains or losses associated with the jointly held property. It is strongly recommended that each party involved consults with a qualified attorney while drafting or entering into an Indiana Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants to ensure that all relevant legal requirements and considerations are addressed.
