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 Minnesota Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legally binding document that outlines the terms and conditions of individuals who are not married but wish to co-own and co-hold a property as joint tenants in the state of Minnesota. This agreement is commonly used by unmarried couples or partners who want to purchase a house or any other form of real estate property together while maintaining equal ownership rights. By signing this agreement, the individuals are essentially entering into a legal arrangement that governs their rights, responsibilities, and obligations towards the property. The agreement typically covers several important aspects, such as the identification of the property being purchased, the percentage of ownership for each individual, the contribution of funds towards the purchase, and the division of expenses related to the property, such as mortgage payments, property taxes, and maintenance costs. Furthermore, the agreement also addresses the procedures and rules for decision-making regarding the property. This includes provisions for resolving conflicts or disagreements, making major decisions, and ensuring fairness in managing the property. It is essential to note that there can be variations or different types of Minnesota agreements by unmarried individuals to purchase and hold residence as joint tenants based on the specific requirements or preferences of the individuals involved. For example, some couples may choose to share the ownership and ownership costs equally, while others might have unequal shares based on their financial contributions. Additionally, the agreement might have provisions related to scenarios such as one individual wanting to sell their share of the property, the death of one co-owner, or the possibility of mortgage refinancing. These variations are typically included to address the unique circumstances and concerns of each couple or individual entering into the agreement. Overall, the Minnesota Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a crucial legal document that serves to protect the rights and interests of unmarried co-owners of a property. It provides clarity, structure, and guidelines for all parties involved, ensuring a fair and smooth co-ownership experience.
