Tenancy In Common Agreement Form
Description
How to fill out California Tenancy In Common Agreement - Single Dwelling - Domestic Partners?
How to obtain expert legal documents adhering to your state regulations and create the Tenancy In Common Agreement Form without hiring an attorney.
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FAQ
If you hold the property as tenants in common this means that each owner has a distinct share in the property. In the absence of any statement to the contrary, it is presumed you hold in equal shares. Alternatively, it may have been specified what share of the property belongs to each owner, e.g. 70/30.
If you would like to share things unequally; if you want to ensure that if you break up, you can make a relatively clean and painless exit; if you want to leave your share to other beneficiaries after your death; or, if you want to protect your share of the value in your home from being swallowed up by your partners
When the property is sold, each owner receives their share of the sale proceeds. This allows any disparity in financial contributions to be recognised, keeping each person's share separate from the others. That is why tenants in common is often preferred by friends or family members who are buying a property together.
Where a property is owned as joint tenants, when one of the owners die the property automatically pass to the surviving owner, regardless of what the Will of the deceased owner says. This is known as a 'right of survivorship'. This is the most common way a property is owned by husband and wife or civil partners.
