What is a Tenant in common?
If you purchase real estate with other people most often the co-ownership is as Tenants in Common. Another common arrangement is as Joint Tenants. The main difference between Joint Tenants and Tenants in Common is transfer of ownership if one of the parties dies. In Joint Tenancy arrangements the share transfers to the remaining owners. Agreements between Tenants in Common will usually say co-owners have the exclusive right to determine how their share will be passed on.
Agreement Between Tenants in Common. $89.95 - Download Now... Click Here.
When to use this Agreement Between Tenants in Common?
Use this Agreement Between Tenants in Common whenever two or more parties want to buy a home, commercial property or other piece of real estate together.
You may be relatives or friends buying a house together or joining forces in a joint venture property development.
Whatever your reasons a written Agreement Between Tenants in Common is crucial to protecting the Interests of all the parties involved.
This document defines the terms and conditions under which the parties record their interest. It will provide you with strong legal recourse should a misunderstanding arise and/or the other parties fails to fulfil its obligations while under contract.
Sample Agreement Between Tenants in Common document excerpt
1. Agreement Between Tenants in Common Parties. Agreement dated [date] between [name] of [address] (First Party), and [name] of [address] (Second Party). First Party and Second Party are sometimes referred to individually as "tenant in common," and collectively as "tenants in common" in this Agreement.
2. Identity of Property. First Party and Second Party have purchased and now each own an undivided one-half interest, as tenants in common, in certain real property located in [suburb, state], including all buildings and improvements located on such property, more particularly described in Exhibit "A" attached [omitted] (Property).
3. Intent of Parties. First Party and Second Party wish to define their rights and obligations with respect to the Property and, therefore, have executed this Agreement.
4. Exclusive Use. First Party grants to Second Party a right of exclusive occupancy and use of the Property. Such right shall exist until the death of Second Party or the termination of this Agreement in accordance with its terms.
[Alternative Paragraph]
4. Exclusive Use. First Party grants to Second Party a right of exclusive occupancy and use of the Property during the period [month and day] to [month and day] inclusive, in each calendar year. Second Party grants to First Party a right of exclusive occupancy
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