Joint Tenancy Agreement with Right of Survivorship

What Is the Joint Tenancy Agreement with Right of Survivorship?

A joint tenancy agreement creates a co-ownership arrangement where all owners hold equal interests in property, and when one owner dies, their share automatically passes to the surviving owners. This differs from standard co-ownership because it bypasses probate entirely, saving thousands in legal fees and months of court proceedings.

This agreement covers real estate, financial accounts, or personal property. It establishes contribution requirements, expense-sharing formulas, decision-making authority, and buyout procedures when someone wants to exit the arrangement. The template includes provisions for unequal initial contributions while maintaining equal ownership rights.

 

 

Is This Joint Tenancy Agreement Right for You?

You need this agreement if you're:

• Buying property with a spouse, partner, or family member
• Co-purchasing investment real estate with business partners
• Opening joint bank accounts or brokerage accounts with survivorship rights
• Sharing vacation property ownership among multiple family members
• Creating automatic inheritance arrangements outside of probate
• Establishing clear expense-sharing and decision-making rules for co-owned property

You definitely need this agreement if:

• You're contributing unequal amounts toward a property purchase
• One co-owner will occupy the property while others won't
• You want to prevent probate delays and expenses
• You need buyout procedures if someone wants to exit
• You're combining finances but want protection mechanisms

 

 

Why Thousands Trust Legal GPS Templates

Save Money: Attorneys charge $800-$2,500 to draft co-ownership agreements. Get the same protection for $35.

Save Time: Download immediately and complete in under an hour. No waiting for attorney appointments or multiple revision cycles.

Look Professional: Attorney-drafted language that financial institutions and title companies accept without question for property transfers and account registrations.

Keeps You Out of Court: The Dispute Resolution provisions require mediation before litigation, and the Buyout Rights section prevents partition lawsuits by establishing clear exit procedures.

 

 

 

Get Protected in 3 Simple Steps

Step 1: Secure Checkout

Complete your purchase through our encrypted payment system. Your template downloads immediately to your device.

Step 2: Instant Download

Receive your joint tenancy agreement as an editable document. Open in Microsoft Word, Google Docs, or any word processor.

Step 3: Fill In the Highlighted Fields

Complete the bracketed sections with your specific information. The included guide walks you through every decision point and legal consideration.

 

Frequently Asked Questions

Can I use this template multiple times?

Yes. Once purchased, you can use this template for multiple properties or accounts. Customize it for each co-ownership arrangement you enter.

Is this contract legally binding?

Yes. This agreement is legally enforceable when properly completed and signed by all parties. For real estate, check your local recording requirements to perfect your joint tenancy status.

What's the difference between joint tenancy and tenancy in common?

Joint tenancy includes automatic right of survivorship, meaning the property passes directly to surviving co-owners without probate. Tenancy in common allows each owner's share to pass through their will or estate. Joint tenancy bypasses probate but eliminates your control over who inherits your share.

Can I convert joint tenancy to tenancy in common later?

The template includes options for restricted or unrestricted severance. Restricted severance requires all owners' consent to convert. Unrestricted severance allows any owner to convert unilaterally by providing notice. Choose the option that matches your needs.

What happens if one owner stops paying their share of expenses?

The Default and Remedies provisions allow paying owners to place a lien on the non-paying owner's interest for amounts owed plus interest. This creates legal leverage to enforce payment obligations.

Do we need to record this agreement?

For real estate, recording requirements vary by state. Most jurisdictions require recording the deed itself with joint tenancy language. Some require or recommend recording the agreement or a memorandum of it. Check with your county recorder's office for local requirements.