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 Mississippi Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal document that outlines the terms and conditions under which unmarried individuals can jointly purchase and hold a property in the state of Mississippi. This agreement is particularly relevant for couples or individuals who are not married but wish to buy a home together and establish joint tenancy. Joint tenancy refers to a type of property ownership where each party holds an equal undivided interest in the property. It means that both individuals have an equal share in the property, and in the event of one person's death, their share automatically transfers to the surviving joint tenant(s) without going through probate. The Mississippi Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants typically includes important details such as the names and contact information of the parties involved, the date of agreement, and the property being purchased. It also outlines the financial contributions each individual will make towards the purchase, including the initial down payment and ongoing mortgage payments. The agreement may specify how the property's expenses, such as maintenance costs, property taxes, and insurance premiums, will be divided between the joint tenants. It may also address how any potential disputes will be settled, such as through mediation or arbitration. The document may contain provisions related to the division of proceeds if the property is sold, outlines the process for adding or removing a joint tenant, and establishes the responsibilities of each party regarding the property's upkeep and improvements. It is important to note that different variations of the Mississippi Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants may exist, as the terms can be tailored to suit the specific needs and preferences of the parties involved. For instance, some agreements may include detailed provisions related to mortgage payments, occupancy rights, or even a potential exit strategy in case of a relationship breakdown. In conclusion, the Mississippi Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants is a legal instrument that enables unmarried individuals to buy and possess a property together, outlining their rights and obligations as joint tenants. Its purpose is to protect the interests of each party, ensure clarity in property ownership, and establish guidelines for the maintenance, division, and potential sale of the property.
