A tenants in common agreement is used when two or more individuals (commonly known as tenants in common) own a property together and want to specify their rights and obligations related to the property. This agreement helps to avoid disputes and confusion among the joint owners.
If you are planning to own a property with others as tenants in common, it is important to have an agreement that outlines how each person is going to share the property, the division of responsibilities related to the property, and what will happen if someone wants to sell their share or passes away.
While it is recommended to consult a lawyer to create a tenants in common agreement, you can find free templates online. Here are some websites where you can download tenants in common agreement forms for free:
1. LawDepot: This website offers various legal forms, including tenants in common agreements. You can create a custom agreement by answering a few questions, and the form will be generated for you.
2. Rocket Lawyer: Rocket Lawyer also provides a free tenants in common agreement form that you can customize to meet your specific needs.
3. Legal Templates: This website has a tenants in common agreement template that you can download for free. The agreement covers all the necessary details such as percentage of ownership, division of expenses, and dispute resolution.
4. Simply-Docs: Simply-Docs provides a tenant in common agreement form that you can download without any cost. You can customize the form by adding or removing clauses according to your requirements.
5. PandaDoc: PandaDoc offers a tenants in common agreement template that you can use to create a legally binding agreement between you and your co-owners.
Having a tenants in common agreement is essential because it reduces the risks of future conflicts and protects your rights as a property owner. Make sure to use a reputable and reliable legal form provider to ensure that your agreement complies with the relevant laws and regulations.
In conclusion, a tenants in common agreement is an important document that outlines how joint property owners will share, manage and sell their ownership stake. The good news is that you can find free tenants in common agreement templates online, but you should always seek legal advice if you have any doubts about how to proceed.