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.
Concord California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners is a legal document that outlines the rights and responsibilities of domestic partners who wish to co-own a single dwelling property in Concord, California. This particular agreement is designed specifically for couples who are domestic partners and want to purchase a property together. A Tenancy in Common Agreement is a type of co-ownership wherein each individual has a distinct, undivided interest in the property. It grants equal ownership rights to both partners, allowing them to share the property equally or according to the terms specified in the agreement. The Concord California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners includes various key elements and provisions. These may include: 1. Property Details: This section provides a detailed description of the property being purchased, including the address, legal description, and other relevant details. 2. Ownership Shares: The agreement specifies the percentage or fractional interest each partner will hold in the property. It ensures that each partner's ownership interest accurately reflects their respective financial contributions or as agreed upon by both parties. 3. Financial Contributions: This clause outlines the financial obligations of each partner regarding the purchase, mortgage payments, property taxes, repairs, and maintenance costs. It may specify whether financial contributions will be equal or proportional to ownership shares. 4. Allocation of Expenses: The agreement may specify how ongoing expenses, such as utilities, insurance, and common area maintenance fees, will be divided between the partners. 5. Rights and Responsibilities: This section outlines the rights and responsibilities of each partner, including the use and enjoyment of the property, maintenance obligations, and decision-making processes related to the property. 6. Sale or Transfer of Ownership: The agreement may establish procedures for the sale or transfer of ownership interests in case one or both partners decide to sell, transfer, or bequeath their share of the property. It might include rights of first refusal and buyout procedures. 7. Dispute Resolution: In the event of a dispute between the partners, the agreement might specify the use of mediation or arbitration as a means to resolve disagreements rather than resorting to costly legal proceedings. Other types of Concord California Tenancy in Common Agreements related to single dwelling properties might include agreements for other types of co-ownership arrangements, such as: 1. Tenancy in Common Agreement — Multiple Dwellings: This agreement would be suitable for domestic partners who wish to co-own multiple dwelling properties, such as a duplex or a triplex. 2. Tenancy in Common Agreement — Investment Property: This agreement is designed for domestic partners who want to co-own an investment property, such as a rental home or commercial property. 3. Tenancy in Common Agreement — Mixed-Use Property: This type of agreement is suitable for domestic partners who intend to co-own a property with both residential and commercial spaces. It is essential for domestic partners considering co-ownership to consult with a qualified attorney experienced in real estate law to draft and customize an agreement that suits their unique needs and ensures the protection of their rights and interests.
