Joint Tenancy Agreement

Summary

This template for a joint tenancy agreement may be used by two or more individuals to set forth the terms of an equal and undivided co-ownership of real property. This template includes practical guidance, alternate clauses, optional clauses, and drafting notes. This template for a joint tenancy agreement may be used by two or more individuals (including married individuals in states where tenancy by the entirety does not exist or is not permitted) to set forth the terms under which they will jointly own real property when a right of survivorship is desired. A right of survivorship means when one joint tenant dies, their ownership interest in the property passes to the remaining joint tenant or tenants and not their surviving heirs. This is advantageous because the transfer of the deceased joint tenant's share passes automatically so the time and expense of probate is avoided. Parties that commonly own real property as joint tenants include spouses in a state that does not permit a tenancy by the entireties, and unmarried individuals such as siblings, multi-generational family members (such as parents and children) and domestic partners. This template assumes ownership by each co-tenant in an individual, rather than in a corporate form. Ownership by corporate entity co-tenants is beyond the scope of this template. This template may be used for properties intended for either personal or commercial use. This template is non-jurisdictional and should be reviewed by local counsel in the jurisdiction where the property is located. For further guidance on joint tenancy as a residential co-ownership structure, see 12B-24 Purchase and Sale of Real Property § 24.01[3]. For a discussion on creation of joint tenancies, see 7-51 Powell on Real Property § 51.02 and 4-31 Thompson on Real Property, Thomas Editions § 31.06; the Four Unities, see 7-51 Powell on Real Property § 51.03; and termination, see 4-31 Thompson on Real Property, Thomas Editions § 31.08 and 7-51 Powell on Real Property § 51.04.