Tenants In Common Agreement Template Australia
A tenants in common agreement is used whenever two or more parties want to buy a home, commercial property or other piece of real estate together.
You may be siblings buying a house together or just friends joining forces in a joint property development.
The biggest difference between joint tenants and tenants in common is the manner in which the property rights continue in the event of the death of one of the co-owners.
The most important benefit of a tenants in common is that either party can sell their share of the property at anytime.
A tenants in Common agreement defines the terms and conditions under which the parties record their interests. It will provide you with strong legal recourse should a misunderstanding arise or the other party has failed to comply with their obligations.
Whatever your reasons a written agreement between tenants in common is crucial to protecting the interests of all the parties involved.
You can download a professionally drafted Tenants in Common Agreement Template from RP Emery Legal Publishers.