Fill and Sign the Right of Survivorship Form

Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship This Agreement is made as of the       day of       , 20       , by and between       of       , ( John Doe ) (Street Address, City, County, State, Zip Code) hereinafter called Doe, and       of       , ( Jane Smith ) (Street Address)       , hereinafter called Smith , both of whom are over the age of (City, County, State, Zip Code) 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, County, 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 Doe and Smith convey all of the right title and interest in and to the Property to Doe and 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; Agreement between Unmarried Individuals Page 1 of 5 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       , to which they will deposit on or before the first (Street Address, City, County, State, Zip Code) 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       successive (Number) 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       years from the date of execution of this Agreement, a Party (Number) 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       days within which to accept the (Number) 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       days within which to seek (Number) 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 Agreement between Unmarried Individuals Page 2 of 5 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 1st Party and 2nd Party agree that the value of the Property that is the subject matter of the Agreement between us dated       , is $       . In the event the Parties fail to review the valuation (Date) 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. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 9. No Waiver. The failure of either party to this Agreement to insist upon 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 subsequently 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. 10. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of       . (Name of State) 11. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 12. Attorney’s Fees. In the event that any lawsuit 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. 13. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, any dispute under this Agreement shall be required to be resolved by binding Agreement between Unmarried Individuals Page 3 of 5 arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 14. Entire Agreement. 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 upon either party except to the extent incorporated in this Agreement. 15. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 16. Assignment of Rights. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 17. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 18. Compliance with Laws. In performing under this Agreement, all applicable governmental laws, regulations, orders, and other rules of duly-constituted authority will be followed and complied with in all respects by both parties. WITNESS our signatures as of the day and date first above stated. By: By: (Signature of Seller) (Signature of Buyer)             (P rinted Name of Seller) (P rinted Name of Buyer) State of       County of       Personally appeared before me, the undersigned authority in and for the said County and State, on this       , within my jurisdic tion, the within-named 1st Party , who (Date) acknowledged that he executed the above and foregoing instrument. Agreement between Unmarried Individuals Page 4 of 5 ________________________________ NOTARY PUBLIC My Commission Expires: ____________________ State of       County of       Personally appeared before me, the undersigned authority in and for the said County and State, on this       within my jurisdic tion, the within-named 2nd Party , who (Date) acknowledged that she executed the above and foregoing instrument. ________________________________ NOTARY PUBLIC My Commission Expires: ____________________ Agreement between Unmarried Individuals Page 5 of 5