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.
Corona, California Tenancy in Common (TIC) Agreement — SinglDwellingin— - Domestic Partners is a legal document that outlines the ownership rights, responsibilities, and obligations for domestic partners who choose to hold a Tenancy in Common in Corona, California. It allows them to co-own a single residential property while retaining separate undivided interests in the property. This agreement can be customized depending on the specific needs and preferences of the domestic partners involved. The Corona, California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners typically includes the following key elements: 1. Property Details: This section clearly identifies the property address, legal description, and parcel number, ensuring clarity about the property being co-owned. 2. Ownership Interests: The agreement outlines the undivided ownership interests and the percentage of ownership each domestic partner holds. For example, if one partner chooses to have a 60% share, while the other has 40%. 3. Rights and Responsibilities: The agreement defines the rights and responsibilities of each domestic partner, including the right to use and occupy the property, the responsibility for paying property taxes, insurance premiums, and maintenance costs. It may also outline any restrictions or limitations on the usage of the property. 4. Financing and Mortgage Obligations: If the domestic partners have taken a joint mortgage or loan to purchase the property, this section details the payment obligations and financial responsibilities of each partner. 5. Dispute Resolution: To address any potential disagreements or disputes, the agreement may include a provision for dispute resolution, such as mandatory mediation or arbitration, to settle conflicts amicably, mitigating the need for legal action. 6. Termination and Sale of Interest: In case the domestic partners decide to end their partnership or sell their individual interests in the property, this section outlines the procedure for terminating the tenancy and the process for determining the fair market value and distribution of proceeds from the sale. Different types of Corona, California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners may include variations based on the specific requirements of the partners. These may include: 1. Domestic Partnership Agreement: — This agreement outlines the rights and obligations of domestic partners when co-owning a property and serves as a broader document covering various aspects of their relationship. 2. Tenancy in Common Agreement — Multiple Dwellings— - Specifically designed for domestic partners who co-own multiple residential properties in Corona, California. 3. Tenancy in Common Agreement — Commercial Property— - Tailored for domestic partners who co-own commercial properties, such as office spaces, retail establishments, or industrial units in Corona, California. In any case, it is advised to consult with an experienced attorney to ensure that the Corona California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners accurately reflects the intentions, rights, and responsibilities of the domestic partners involved and complies with the applicable laws and regulations in Corona, California.
