Tenants in Common Agreement Template

A Tenants in Common Agreement is a contract that can be used when two or more individuals own property together and want to legally define their rights and obligations in this ownership. The purpose of the document is to regulate the joint ownership of the property where each of the involved parties owns a set share of the home.

A printable Tenants in Common Agreement template can be downloaded through the link below.

This agreement mostly focuses on the protection of each owner's interests, rather than on property management. It can be signed between spouses, different family members, or friends when they buy property together. Signing a Tenants In Common Agreement can be beneficial for those individuals who want to define their share of the property and want to pass it on, in the event of their death, to their heirs.

How to Write a Tenants in Common Agreement?

Make sure that your Tenants in Common Agreement Form includes the following parts:

1. Introduction. The document can start with a part where the parties state the place and date that they signed the agreement. This part of the document can also designate the parties' names, positions in the agreement, and the nature of the agreement they are entering. It should clearly state that they are collectively referred to as "tenants in common."
2. Recitals. In this part of the agreement, the tenants in common can declare that they own a certain type of property as tenants in common. Here, they can also provide information about the property, such as the address, description, and purpose.
3. Term. Parties can use this part of the Tenants in Common Agreement to designate when their tenancy begins and when it ends. Generally, it begins when the agreement is signed by all of the involved parties and ends when the property is sold or exchanged, or when the agreement is terminated unless stated otherwise.
4. Payment. Here the parties can state how the initial payment is supposed to be paid, and how the property shares are divided between them.
5. Further Contributions. In the case that the property will require any further investment, the parties can include information about how those contributions are supposed to be made and how much each party is supposed to invest. Usually, each party's contribution amount is defined according to the initial payment they made.
6. Other Provisions. In addition to everything mentioned above, the tenants in common can indicate other clauses in the agreement such as the governing law, representatives, indemnification clause, etc.
7. Signatures. At the end of the document, the parties are supposed to put their names and signatures.

Check out these property-related topics:

• Roommate Agreement;
• Cohabitation Agreement;
• Co-Tenancy Agreement.

Download Tenants in Common Agreement Template

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