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Agreement Between Tenants in Common

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.

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.

Use for:

  • Property occupied by Co-Owners
  • Jointly owned property occupied by only one Co-Owner
  • Jointly owned property leased to a third party

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