Use this agreement to:
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.
This agreement is not for facilitating the co-ownership of multi-unit properties with exclusive usage rights to particular dwelling units such as condominiums or apartments.
Contra Costa California Tenancy in Common Agreement — SinglDwellingin— - up to 4 Owners is a legal document that outlines the rights, responsibilities, and ownership structure of multiple individuals co-owning a single property in Contra Costa County, California. This agreement is commonly used by individuals who wish to own a residential property together while retaining their individual ownership interests. An important aspect of this agreement is to define the rights and obligations of each tenant in common (TIC) owner. The agreement typically includes provisions for the distribution of expenses, such as mortgage payments, property taxes, insurance, and maintenance costs. Each owner's share of these expenses is determined based on their ownership percentage, which is specified in the agreement. Furthermore, the Contra Costa California Tenancy in Common Agreement — SinglDwellingin— - up to 4 Owners clarifies the rules around accessing the property. It may outline guidelines for occupying the property, allowing guests or tenants, and making alterations or improvements. The agreement often includes provisions for resolving disputes among the co-owners, such as mediation or arbitration. In Contra Costa County, there may be variations of this agreement to accommodate different scenarios and preferences: 1. Contra Costa California Tenancy in Common Agreement — SinglDwellingin— - Joint Ownership: This variation caters to two owners who wish to co-own a single residential property in the county. It includes provisions specifically tailored to address the unique needs of a two-owner arrangement. 2. Contra Costa California Tenancy in Common Agreement — SinglDwellingin— - up to 4 Owners - Unequal Ownership: This agreement type allows for up to four owners, but with different ownership percentages. It outlines the specific allocation of ownership shares and the corresponding rights and responsibilities associated with each owner's share. 3. Contra Costa California Tenancy in Common Agreement — SinglDwellingin— - up to 4 Owners - Limited Liability: This agreement template adds additional provisions to protect the individual owners from liability relating to the property. These provisions may include indemnification, insurance requirements, and limitations on personal liability. It is essential to consult with a qualified attorney when drafting or entering into a Contra Costa California Tenancy in Common Agreement. This ensures that all legal requirements are met and that the agreement accurately reflects the intentions and expectations of all co-owners involved.
