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.
New Mexico Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally: In New Mexico, a Tenancy-in-Common agreement is a legal document that outlines the ownership rights and responsibilities of co-owners of an undeveloped property. This specific agreement is applicable when there are two owners who each own fifty percent of the property and agree to share the expenses equally. Under this agreement, both owners have an equal share of the property, meaning they both have the right to use and enjoy the entire property. However, their ownership is not divided into separate portions or units but is undivided, allowing both owners to have unrestricted access to every part of the property. The agreement also specifies that both owners must equally share the expenses related to the property. These expenses may include property taxes, maintenance costs, insurance premiums, or any other expenses necessary for the upkeep of the property. By sharing these expenses equally, it ensures a fair and balanced financial commitment from both owners. Furthermore, the agreement may include provisions regarding decision-making processes for the property. For instance, it may require both owners to mutually agree on any major decisions such as making improvements or developing the property. This helps prevent conflicts and ensures that both parties have a say in the future of the property. It is important to note that there might be variations or additional types of Tenancy-in-Common agreements in New Mexico depending on specific circumstances or preferences of the co-owners. For example, some agreements may outline a specific method of dividing expenses based on the property's assessed value or the percentage of ownership rather than an equal split. Alternatively, co-owners may choose to include provisions related to the sale or transfer of their ownership interests. In conclusion, the New Mexico Tenancy-in-Common Agreement to Undeveloped Property with each Owner Owning Fifty Percent of Property and Sharing Expenses Equally provides co-owners with a legally binding framework to govern their ownership rights and responsibilities for an undeveloped property. It ensures equal ownership, shared financial obligations, and potentially includes provisions for decision-making or future transfers.
