Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
Understanding this form
This form is known as the Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship. It is designed for unmarried couples or individuals who wish to collectively purchase and own a property as joint tenants, establishing a right of survivorship. This legal form sets forth the conditions under which both parties share ownership, responsibilities, and the procedure to handle the property in the event of one owner's death. Unlike other ownership arrangements, this agreement ensures that the surviving co-owner automatically inherits the deceased owner's share without the need for probate.
What’s included in this form
- Statement of intention and desire to own the property as joint tenants.
- Details about financial obligations, including mortgage payments and property taxes.
- Establishment of a joint checking account for managing shared expenses.
- Agreement on procedures for selling the property and handling offers.
- Clauses addressing severability, attorneys' fees, and modification procedures.
When to use this document
This agreement should be used when two or more unmarried individuals intend to purchase a property together and wish to establish joint ownership with rights of survivorship. It is particularly useful for partners who want to ensure that ownership automatically transfers to the surviving occupant in case of death, thereby avoiding complications such as probate court proceedings and inheritance disputes.
Who can use this document
- Unmarried couples planning to buy a residential property together.
- Individuals seeking to clarify ownership rights and responsibilities.
- Partners wanting to ensure a straightforward transfer of property rights upon death.
- Any parties looking to avoid probate through a joint tenancy arrangement.
Instructions for completing this form
- Identify the parties involved in the agreement â both buyersâ full names.
- Clearly specify the propertyâs legal description and address.
- Outline the financial obligations each party agrees to cover.
- Establish a joint checking account for property-related expenses.
- Sign and date the agreement in the presence of a notary, if applicable.
Is notarization required?
This form does not typically require notarization unless specified by local law. However, having it notarized can help authenticate the document and may be beneficial in certain jurisdictions. Consider checking local requirements to ensure compliance.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Not including all co-owners' names or using wrong names in the agreement.
- Failing to detail financial responsibilities clearly.
- Neglecting to specify provisions for selling the property.
- Not having the form notarized when required by state law.
- Overlooking the inclusion of joint checking account information.
Benefits of completing this form online
- Convenient access to professionally drafted legal forms.
- Editable templates to accommodate personal circumstances.
- Reliable legal language vetted by licensed attorneys.
- Fast download for immediate use in your property transaction.
Legal use & context
- This agreement ensures that co-owners have equal shares in the property, which prevents issues associated with inheritance after death.
- The right of survivorship means no probate court proceedings are necessary after one owner passes away, expediting the transfer of property rights.
- Always review state-specific laws regarding joint tenancy to ensure enforceability of this agreement.
Main things to remember
- This agreement establishes joint tenancy with survivorship rights for unmarried individuals purchasing a home together.
- It clarifies financial obligations and operational procedures for the property.
- Users must ensure compliance with their state laws and requirements.
- Notarization is usually not required but may add an extra layer of security.
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FAQ
Because mortgage lenders treat married couples as a single entity, these couples can qualify for sizeable loans with good terms and rates as long as one partner has a good credit history. However, lenders treat unmarried couples as individual home buyers.
Yes. Many lenders allow two families to combine their respective incomes in order to jointly purchase a house. Both households will need to meet the minimum qualifying loan requirements, which may vary lender to lender. Lenders may also require both families to hold equal ownership rights of the house.
Unmarried couples will apply for a mortgage as individuals. This means the partner with the stronger financials and credit score may want to purchase the home to get better mortgage terms and interest rates.Some lenders may allow both parties to apply for a mortgage together.
You can either follow the legal procedures that apply in your statetypically this means the court will order the property to be sold, and the net proceeds (after paying mortgages, liens, and costs of sale) to be dividedor you can reach your own compromise settlement.
Yes. Many lenders allow two families to combine their respective incomes in order to jointly purchase a house. Both households will need to meet the minimum qualifying loan requirements, which may vary lender to lender. Lenders may also require both families to hold equal ownership rights of the house.
