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 Delaware 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 arrangement between multiple owners who jointly own a piece of undeveloped property in Delaware. This type of agreement is used when two or more individuals or entities want to hold partial ownership of a property while sharing the expenses equally. In this agreement, the owners hold an undivided interest in the property, which means that each owner has an equal ownership stake in the entire property rather than a specific portion. This gives each owner the right to utilize and enjoy the property without division or limitation. The agreement typically includes several key provisions. Firstly, it specifies the property details such as the legal description, address, and boundaries. It also includes the names and contact information of all owners involved. The agreement outlines the percentage of ownership each owner possesses, with each owner typically owning a fifty percent share. However, there can be variations in ownership distribution, such as one owner owning 60% and the other owning 40% of the property. The document further elaborates on the sharing of expenses, ensuring that each owner contributes equally to costs associated with the property. These expenses may include property taxes, insurance, maintenance, repairs, and any other necessary expenditures. It is important to include a clear and concise procedure for expense reimbursement and how each owner should provide their share of the expenses. The agreement often addresses decision-making processes for the property, discussing how major decisions will be made, such as selling the property, obtaining financing, or making major developments. It may require unanimous consent among the owners for significant decisions or outline a voting system based on ownership percentages. Furthermore, the agreement may address dispute resolution mechanisms, specifying how conflicts between owners should be resolved, such as through mediation or arbitration. It's vital to include provisions for dispute resolution to prevent legal disputes from jeopardizing the partnership. Different variations or modifications of this type of tenancy-in-common agreement can exist depending on the specific needs and preferences of the owners. For example, the agreement may stipulate different ownership percentages, unequal expense sharing arrangements, or incorporate additional provisions for specific circumstances. Ultimately, a Delaware Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally establishes a legal framework for shared ownership and expense management of an undeveloped property in Delaware.
