Mississippi 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.

The Mississippi Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship is a legal document that outlines the terms and conditions for two unmarried individuals to jointly purchase and own a residential property in the state of Mississippi. This agreement provides a framework for their rights and responsibilities in relation to the property and addresses the issue of what happens to the property in case of one party's death. In this specific type of agreement, the co-owners, who are not married, agree to hold property as joint tenants with the right of survivorship. This means that if one owner passes away, their interest in the property automatically transfers to the surviving owner, without the need for probate or court intervention. This feature ensures that the surviving owner becomes the sole owner of the property, allowing for a seamless transfer of ownership. The Mississippi Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship typically includes key provisions such as: 1. Identification of the co-owners: The agreement starts by clearly identifying the parties involved, including their full names, addresses, and contact information. 2. Property details: The agreement provides a detailed description of the property to be jointly purchased, including the address, legal description, and any specific details about the property. 3. Financial contributions: The agreement outlines each co-owner's financial contributions towards the purchase, including the initial down payment and any future expenses related to the property, such as mortgage payments, utility bills, repairs, and maintenance costs. 4. Ownership percentages: If the co-owners decide to have unequal ownership interests, the agreement specifies the percentage ownership of each party, reflecting their respective financial contributions. 5. Distribution of expenses: The agreement establishes how ongoing expenses will be divided between the co-owners, including property taxes, insurance premiums, and any planned renovations or improvements. 6. Dispute resolution: This agreement may include a provision stating how any potential disputes related to the property will be resolved, whether through mediation, arbitration, or litigation. It's important to note that there aren't typically different types of Mississippi Agreements between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship. However, individuals may choose to customize the agreement based on their specific circumstances and preferences, with the assistance of a legal professional.