Tenants in common hold title to real or personal property so that each has an "undivided interest" in the property and all have an equal right to use the property. Tenants in common each own a portion of the property, which may be unequal, but have the right to possess the entire property.
There is no "right of survivorship" if one of the tenants in common dies, and each interest may be separately sold, mortgaged or willed to another. A tenancy in common interest is distinguished from a joint tenancy interest, which passes automatically to the survivor. Upon the death of a tenant in common there must be a court supervised administration of the estate of the deceased to transfer the interest in the tenancy in common.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Michigan Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally is a legal document that outlines the rights and responsibilities of multiple owners who jointly own an undeveloped property in Michigan. This type of agreement is commonly used when two or more individuals wish to invest in and co-own a piece of land together. Under this agreement, each owner holds an equal fifty percent ownership interest in the property. This means that all decisions regarding the property, such as its use, development, or sale, must be made jointly by all owners. Additionally, each owner is responsible for sharing expenses related to the property equally, including property taxes, insurance, maintenance, and other costs. This agreement helps to establish clear guidelines and prevent conflicts among co-owners by setting out the following key provisions: 1. Ownership Share: The agreement specifies that each owner has an equal fifty percent ownership interest in the property, ensuring that no owner holds a greater or lesser share than the others. 2. Decision-Making: All major decisions regarding the property, such as land use, development plans, or sale, require unanimous agreement from all owners. This provision ensures that no single owner can make decisions unilaterally, providing a fair and democratic decision-making process. 3. Expense Sharing: The agreement states that all expenses related to the property, including property taxes, insurance premiums, maintenance costs, and any other expenses, shall be divided equally among the owners. This equal sharing of expenses promotes fairness and prevents one owner from shouldering a disproportionate financial burden. 4. Dispute Resolution: In the event of any disputes or disagreements among the owners, the agreement may outline a process for resolving such conflicts. This process may involve mediation or arbitration, enabling owners to settle disputes amicably and avoid costly litigation. Different types or variations of Michigan Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally may include specific additional clauses addressing unique circumstances or requirements of the co-owners. Some examples include: 1. Use Restrictions: Additional clauses may outline specific restrictions on property used to protect the interests of all owners. For instance, limitations on commercial use or restrictions on building heights, noise level, or environmental impact may be included. 2. Succession Planning: The agreement might include provisions for addressing the transfer or inheritance of ownership interests when one or more owners pass away or wish to sell their share. These provisions could determine whether the surviving owners are given the first right of refusal to purchase the share or if it can be sold to a third party. 3. Right of Partition: The agreement could state whether the co-owners have the option to seek a partition of the property, allowing one or more owners to force a sale or division of the land if certain conditions are met. In summary, a Michigan Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally defines the rights and obligations of multiple owners who jointly own an undeveloped property in Michigan. This agreement ensures fair decision-making, equal expense sharing, and provides a framework for resolving disputes or addressing unique circumstances that may arise among the co-owners.
