Use this agreement to:
establish ownership of the property as each other's separate property and not as Community Property; state each co-owner’s ownership interest in the property;
establish exclusive private living areas and a common area; establish rules governing use of the property; allocate shared financial obligations such as mortgage, property tax, common area maintenance, and utilities; provide for dealing with a defaulting co-owner;
address the death or bankruptcy of a co-owner; provide a process for the sale or lease of a co-owner’s interest in the property; and provide for dispute resolution through mediation and arbitration. Because this agreement allows an owner to sell their property interest, we kept provisions that domestic partners may not need such as establishing private living areas and rules governing use of the property. In the event of an owner's sale of their interest in the property, these terms will be important between the buyer and remaining owner.
A Los Angeles California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners is a legal document that establishes the ownership rights and obligations for domestic partners who own a property together in Los Angeles, California, under a tenancy in common structure. This agreement is primarily used for unmarried couples or partners who wish to own a property jointly while preserving their individual interests. Key elements of this agreement include the following: 1. Ownership Interests: The agreement clearly states the percentage of ownership each partner has in the property. This percentage can be equal or unequal, depending on the contributions made by each partner. 2. Use and Occupancy: The agreement outlines the terms of use and occupation of the property, including the rights and restrictions of each partner. It may cover issues like sharing common areas, maintenance responsibilities, and rules for alterations or improvements. 3. Financial Contributions: The agreement addresses the financial aspects of property ownership. It specifies how the partners will share expenses such as mortgage payments, property taxes, insurance, and maintenance costs. It may establish a joint bank account for these purposes. 4. Dispute Resolution: In the event of a dispute between the partners, the agreement may designate a particular method for resolving conflicts, such as mediation or arbitration, to avoid costly litigation. 5. Termination or Sale of the Property: The agreement provides guidance on what happens if one partner wants to sell their share or terminate the tenancy in common. It may outline procedures for selling to a third party, giving the other partner the right of first refusal, or allowing for a buyout by the remaining partner. Different types or variations of the Los Angeles California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners include: 1. Tenancy in Common Agreement with Survivorship: This variation adds a survivorship component, meaning that if one partner passes away, their share automatically goes to the surviving partner. This type helps ensure the property remains with the surviving partner without going through the probate process. 2. Tenancy in Common Agreement with Unequal Ownership: This version allows partners to have differing ownership percentages based on their individual financial contributions or other agreed-upon factors. 3. Tenancy in Common Agreement with Time Limits: In some cases, partners may limit the duration of their tenancy in common agreement. This type is suitable for those who plan to live together for a specific period before pursuing separate living arrangements. A Los Angeles California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners is a crucial legal document that protects the rights and interests of domestic partners who own property together. Consulting with a qualified attorney is highly recommended ensuring the agreement reflects the specific needs and requirements of the partners involved.
