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Tenants in Common Agreement

Used 4,887 times

Tenants in Common Agreement Template

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Prepared by:

[Sender.FirstName][Sender.LastName][Sender.Company]

Prepared for:

[Client.FirstName][Client.LastName][Client.Company]

This Agreement was entered into on [Document.CreatedDate] by and between [Sender.FirstName][Sender.LastName] ("Owner"), and [Client.FirstName][Client.LastName] ("Tenant") is to establish the terms and conditions under which the parties shall share ownership of the property located at [Sender.StreetAddress], [Sender.City], [Sender.PostalCode].

Under this agreement, each party will own a percentage interest in the property under the following ownership interests:

Term and Automatic Renewal

The term of this Agreement will begin on [Document.CreatedDate], and last for one year. At the end of this initial term, the Agreement will automatically renew for an additional year unless either party notifies the other in writing at least 30 days before the expiration date.

Maintenance and Repairs

The Owner shall be responsible for all maintenance and repairs on the property and may bill the Tenant for any costs associated with these activities. The Tenant will make all payments to the Owner on time. These payments will be calculated based on the Tenant's percentage.

Taxes and Other Expenses

The parties will divide the taxes and other property ownership expenses between the parties following the percentage interests outlined above. These expenses will be paid every quarter, and the Owner will provide the Tenant with an itemized statement of all costs incurred each quarter.

Management and Ownership Disputes

If any disputes arise regarding the management of or ownership rights in the property, they will be settled through mediation to be conducted by a neutral third party. Either party may terminate this agreement at any time with (insert number) days' written notice.

Transfer Restriction

Neither party may transfer their portion of the property to another individual or entity without the other party's consent. If one party wishes to sell or otherwise transfer their interest in the property, they must first notify the other party in writing and provide them with an opportunity to purchase this interest at a fair market value.

Capital Contributions

The Owner shall make a one-time capital contribution of $(insert amount) to the property, which will be applied towards any future expenses related to ownership and maintenance. The Tenant shall contribute $(insert amount) towards these costs annually. This Agreement constitutes the entire understanding between the parties regarding their rights and responsibilities concerning the property and may only be modified or terminated in writing.

Rights of First Refusal

In addition to the other terms outlined in this Agreement, both parties also have the right of first refusal to purchase any portion of the property being offered for sale by the other party. If either party expresses an interest in purchasing this part of the property, they must do so within a specified timeframe and at a fair market value mutually agreed upon by both parties. If the party declines to purchase this portion of the property, it may then be sold to an outside buyer at the owner's discretion.

Rights of Termination

Either party may terminate this Agreement at any time by providing written notice to the other party. If one party wishes to end this arrangement, they must give at least 30 days' notice in advance of their desired termination date. If the other party wishes to continue sharing ownership of the property, they must acknowledge and agree to the termination in writing. Otherwise, this Agreement will remain in effect until the agreed-upon termination date has passed.

Agreement

Both parties agree to the abovementioned terms and will share ownership of the property under their respective interests. They also acknowledge and agree to all rights of first refusal and termination outlined in this document. By signing below, both parties confirm their understanding and agreement to all terms herein.

Signature
MM / DD / YYYY

Signature
MM / DD / YYYY

[Client.FirstName][Client.LastName]

[Client.Company]

[Sender.FirstName][Sender.LastName]

[Sender.Company]

Tenants in Common Agreement

Used 4,887 times

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