Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship

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Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship Powered By Docstoc
					           Agreement between Unmarried Individuals to Purchase and Hold
               Residence as Joint Tenants with Right of Survivorship

This Agreement is made as of the (date), by and between John Doe of (street address,
city, state, zip code), hereinafter called Doe, and Jane Smith of (street address, city,
state, zip code), hereinafter called Smith, both of whom are over the age of twenty-one
(21) and unmarried.

Whereas, Doe and Smith have acquired or are about to acquire a house and lot,
hereinafter called the Property, situated at (street address, city, state, zip code),
more particularly described in Exhibit A attached hereto and made a part hereof; and

Whereas, it is the intention and desire of Doe and Smith that the described Property
be owned by them as joint tenants with right of survivorship, with each tenant to own an
undivided one-half interest in the Property.

NOW, THEREFORE, for and in consideration of the terms and covenants of this
Agreement, and other valuable consideration, the receipt of which is acknowledged, the
Parties agree as follows:

1.      The Parties shall create a joint tenancy with right of survivorship in and to
the Property described above by executing a Deed, a copy of which is attached hereto
as Exhibit B and made a part hereof and whereby John Doe and Jane Smith convey all
of the right title and interest in and to the Property to John Doe and Jane Smith as joint
tenants with full rights of survivorship and not as tenants in common.

2.    Each Party shall pay one-half of the following expenses:

      A.     Note payments to the lending institution that has a first mortgagee interest
      in and to said Property;

      B.      Real property and other taxes or assessments levied on the Property;

      C.      Insurance premiums for the Property;

      D.     Amounts due for telephone, electricity, gas, water, trash removal, and
      other utilities and services;

      E.     Expenses for normal maintenance, and ordinary and necessary repairs, of
      the Property;

      F.   Expenses for improvements to the Property, if such improvements are
      made with the prior consent of the other Party; and

      G.      Expenses for acquiring, maintaining, and repairing of kitchen appliances,
      furniture, and fixtures, if such acquisition, maintenance, and repair is made with
      the prior consent of the other Party.
3.      The Parties shall establish a joint checking account with Acme Bank at (street
address, city, state, zip code), to which they will deposit on or before the first day of
each month, the amount of $                    for the purpose of paying the expenses
provided for in Paragraph 2. Either Party may sign checks from such checking account.
If a Party fails to deposit such Party’s corresponding share to such checking account
within the time provided, as a result of which the other Party is forced to advance from a
his or her own funds the defaulting Party’s share of expenses, such defaulting Party
shall pay to the other Party who made the advance of funds interest at the rate of 1.5%
per month (or at the highest rate allowed by applicable law if less than 1.5% per month).
If a Party fails or refuses for (number) successive months to make the required amount
of deposit to the joint checking account, the non-defaulting Party, at his or her option,
may treat such default as an offer to sell the defaulting Party’s share of the described
property and shall give written notice to that effect to the defaulting Party. In such event,
the provisions of Paragraph 4 shall become operative.

4.       For a period of (number) years from the date of execution of this Agreement, a
Party cannot sell or transfer such Party’s interest in the Property, or any part thereof,
other than to the other Party to this Agreement. After such period, a Party who desires
to sell or transfer such Party’s interest in the Property, or any part thereof, shall make a
written offer to sell to the other Party, at a price computed on the basis of the valuation
as determined under Paragraph 5. The Party to whom the offer is made shall have a
period of (number) days within which to accept the offer. In the event the Party to whom
the offer is made does not elect to purchase the other Party’s share, the Party to whom
the offer is made shall have (number) days within which to seek a purchaser who is
acceptable to such Party. If a purchaser with an acceptable offer who is acceptable to
the Party to whom the offer is made cannot be located within that period, the Property
shall be listed for sale at a price based on the computation provided for in Paragraph 5,
or at such other price as may be agreed on between the Parties.

5.      In determining the selling price of the described Property or of any interest of a
Party in such Property, the Parties agree that the purchase price of the Property shall
be the initial valuation as of the date of the execution of this Agreement. After one year
from the execution of this Agreement, and every year thereafter, the Parties shall review
and agree on a stipulated value. Such agreed on valuation shall be in writing and shall
be attached to this Agreement as an endorsement. The form of the Agreement shall be
as follows: The undersigned John Doe and Jane Smith agree that the value of the
Property that is the subject matter of the Agreement between us dated (date), is
$                  . In the event the Parties fail to review the valuation during the
specified time or fail to agree on a new valuation after making such review, the most
recent agreed on valuation sha
				
DOCUMENT INFO
Description: 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 survivor�ship; 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.
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PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),