Establish clear ownership rights and responsibilities for your shared property with this comprehensive agreement template. Define ownership percentages, set property management rules, and protect all co-owners' interests.
A Tenant in Common Agreement is a legally binding document that establishes the rights, responsibilities, and ownership structure between multiple parties who share ownership of a property. This agreement is essential for protecting each owner's interests and preventing future disputes over property management and ownership transfers.
This template helps co-owners establish clear terms for: property ownership percentages, maintenance responsibilities, decision-making processes, expense sharing, and transfer rights. It's particularly valuable for investors, family members, or business partners who want to own property together while maintaining individual ownership rights and the ability to transfer their shares independently.
Use this agreement when:
Follow these steps to customize your agreement:
This agreement is commonly used for:
Consider these variations based on your needs:
Real estate investors have used this agreement to successfully manage multi-million dollar properties, while families have used it to preserve vacation homes across generations. Business partners have relied on it to structure commercial property investments with clear exit strategies.
Tenancy in common allows for unequal ownership shares and independent transfer rights, while joint tenancy requires equal ownership and includes rights of survivorship.
Yes, but all co-owners must agree to the change and document it in writing as an amendment to the original agreement.
Usually proportional to ownership percentages, but the agreement can specify different arrangements for various types of expenses.