Michigan 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.

Keywords: Michigan Agreement, Unmarried Individuals, Purchase and Hold, Residence, Joint Tenants, Right of Survivorship. Detailed Description: A Michigan Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legally binding document that outlines the terms and conditions under which unmarried individuals can jointly own and manage a residential property in the state of Michigan. This agreement ensures that the co-owners have equal rights and responsibilities in relation to the property and guarantees the right of survivorship, allowing the surviving co-owner to inherit the entire property upon the death of the other. This type of agreement is commonly used by unmarried couples, friends, or business partners who wish to invest in and own a home together while ensuring their respective interests are protected. By entering into this agreement, both parties agree to pool their financial resources and purchase the property as joint tenants, meaning that they will have an equal undivided interest in the property. Furthermore, the agreement stipulates that if one party passes away, their share automatically transfers to the surviving co-owner(s) without the need for probate proceedings. The Michigan Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship encompasses various essential details. Firstly, it addresses the identification of the parties involved, including their full legal names and addresses. The agreement also outlines the terms of the property purchase, such as the agreed-upon purchase price, the percentage of ownership for each party, and the intended use of the property (e.g., primary residence or investment property). Additionally, the agreement may include provisions regarding mortgage financing, with details on how the mortgage payments will be split between the co-owners. Responsibilities for property taxes, insurance, maintenance, repairs, and utilities are also typically outlined in the agreement, providing a clear framework for decision-making and cost-sharing. It is important to note that there may be different variations of the Michigan Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship. Some agreements may include additional clauses specific to the parties' unique requirements or concerns, while others may have been modified to comply with specific county or municipal regulations. It is advisable for individuals considering such an agreement to consult with a legal professional experienced in Michigan real estate law to ensure the document accurately reflects their intentions and protects their interests.