Agreement by Unmarried Individuals to Purchase Residence as Joint Tenants

Agreement by Unmarried Individuals to Purchase and Hold Residence as Joint Tenants

This Agreement is made as of the day of , 20 , by and between

) and

), both of whom are over the age of twenty-one (21) and unmarried.

WHEREAS, and have acquired or are about to acquire a house and lot (Property) situated at

(Street Address, City, County, State), more particularly described as follows:

Insert Legal Description

WHEREAS, it is the intention and desire of and that the described property be owned by them as joint tenants with right of survivorship, 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 the deed, a copy of which is attached hereto as Exhibit, A whereby and convey all of the right title and interest in and to the Property to and 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 who 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 premises;
• F. Expenses for improvements to the premises, 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 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 own funds the defaulting party's share of expenses, such defaulting party shall pay to the 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 six successive months to make the required amount of deposit to the joint checking account, the non-defaulting party, at his 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 years from the date of execution of this agreement, a party cannot sell or transfer such party's interest in the described 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 premises, 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 thirty (30) 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 ninety (90) 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 indorsement. The form of the agreement shall be as follows: The undersigned

and agree that the value of the property that is the subject matter of the agreement between us dated the day of , 20 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 shall apply.

6. Neither party shall mortgage or otherwise encumber such party's share or interest in the described property without the prior written consent of the other if such other party still has an interest in the property. If a party violates this provision, the other party, at such party's option, may treat the violation as an offer to sell such violating party's interest in the property. In such event, the provisions of Paragraph 4 shall become operative. In addition, the violating party shall pay to the other the amount of $ as liquidated damages.

7. Neither party shall assign such party's rights or interest under this agreement without the prior written consent of the other. If a party violates this provision, the other party may treat the violation as an offer to sell such violating party's interest in the property by giving written notice to the violating party. In such event, the provisions of Paragraph 4 shall become operative.

8. This agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this agreement shall not be binding on either party except to the extent incorporated in this agreement.

9. Any modification of this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if in writing signed by each party or an authorized representative of each party.

10. The failure of either party to this agreement to insist on the performance of any of the terms and conditions of this agreement, or the waiver of any breach of any of the terms and conditions of this agreement, shall not be construed as thereafter waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.

11. This agreement shall be governed by, construed, and enforced in accordance with the laws of the State where the Property is located .

12. In the event any action is filed in relation to this agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.

WITNESS our signatures as of the day and date first above stated.

ACKNOWLEDGMENT BEFORE A NOTARY PUBLIC