Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship

• Category: Contracts - Cohabitation
• State: Multi-State
• Control #: US-0179BG
• Format: Word; Rich Text

Description

A joint tenancy or joint tenancy with right of survivorship is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the property simply evaporates and cannot be inherited by his or her heirs. Under this type of ownership, the last owner living owns all the property, and on his or her death the property will form part of their estate. Unlike a tenancy in common, where co-owners may have unequal interests in a property, joint co-owners have an equal share in the property.

Title: Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship: A Comprehensive Overview Keywords: Maryland Agreement, Unmarried Individuals, Purchase, Hold Residence, Joint Tenants, Right of Survivorship Introduction: In the state of Maryland, unmarried individuals who wish to purchase and hold a residence together have the option to enter into a legally binding agreement known as the Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship. This agreement outlines the specific rights, responsibilities, and ownership arrangements that each party holds, ensuring a clear understanding of their respective interests in the property. Types of Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence: 1. Standard Agreement: The standard form of the Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is widely used in the state. It encompasses the fundamental clauses regarding ownership shares, survivorship rights, distribution of proceeds upon sale, and other essential provisions. Key Elements of the Agreement: A. Ownership Shares: The agreement allows unmarried individuals to specify their respective ownership shares in the property. For example, one party may have a 60% ownership stake, while the other holds the remaining 40%. B. Joint Tenancy: By entering into this agreement, the parties agree to own the property as joint tenants. This means that the property is owned jointly, and in the event of one party's death, their share automatically passes to the surviving tenant(s) without going through probate. C. Right of Survivorship: The right of survivorship is a critical aspect of this agreement. It ensures that upon the death of one party, the surviving tenant(s) inherit the decedent's share, avoiding any potential complications. D. Distribution of Proceeds: In the event the property is sold, the agreement includes provisions on how the proceeds will be distributed between the parties, based on their respective ownership shares. E. Maintenance and Expenses: The agreement may establish guidelines regarding maintenance responsibilities, repairs, and the allocation of expenses, ensuring clarity and fairness in the financial aspects of property ownership. F. Default and Dispute Resolution: The agreement may include clauses addressing default situations, such as non-payment of mortgage or failure to perform agreed-upon obligations. Additionally, it may outline dispute resolution mechanisms, such as mediation or arbitration, to resolve disagreements between the parties. Conclusion: The Maryland Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship provides a legal framework to protect the rights and interests of unmarried individuals purchasing a property together. This agreement ensures a clear understanding of ownership shares, survivorship rights, and other essential aspects, minimizing potential conflicts in the future.