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.
A Downey California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners is a legal document that outlines the rights and responsibilities of domestic partners who wish to jointly own a single property in the city of Downey, California. This agreement is specifically designed for couples who are in a committed relationship but are not married or in a domestic partnership registered with the state. In this type of agreement, domestic partners have the opportunity to own a property together while maintaining their independence and individual ownership shares. They can choose to own the property in equal shares or based on their respective financial contributions. With this agreement, both partners have a legally binding contract that governs their rights and obligations regarding the property. Key provisions of a Downey California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners may include: 1. Ownership Shares: The agreement specifies the percentage of ownership each partner has in the property, which can be equal or proportional to their financial contribution. 2. Financial Obligations: It outlines each partner's responsibilities for mortgage payments, property taxes, insurance, and any other expenses related to the property. It may also cover how these costs will be shared between partners. 3. Decision-Making: The agreement may outline how decisions will be made regarding the property. This can include provisions for maintenance and repair, renovations, and selling the property. 4. Buyout Provisions: In the event that one partner wants to sell their ownership share or if the relationship ends, the agreement may detail the buyout process and how the property's value will be determined. 5. Residency and Living Arrangements: The agreement can address how the property will be used and whether both partners will reside there. It may also address the rights and responsibilities of non-resident partners. Different types of Downey California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners include: 1. Equal Ownership Agreement: This type of agreement is suitable when both partners contribute equally to the property's purchase and ongoing expenses. They own an equal share of the property. 2. Proportional Ownership Agreement: This agreement is suitable when partners contribute different amounts towards the property's purchase or ongoing expenses. They own shares in proportion to their contributions. 3. Buyout Agreement: This type of agreement is relevant when one partner wants to sell their ownership share or if the relationship ends. It outlines the process and terms of buying out the leaving partner's share. 4. Occupancy Agreement: This agreement is relevant when one partner wants to live in the property while the other does not. It outlines the rights and responsibilities of the non-resident partner regarding the property. Overall, a Downey California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners is an essential legal document that provides clarity and protection for domestic partners who wish to jointly own a property in Downey, California. Partner should consult with an attorney experienced in real estate and family law to ensure all legal requirements and individual circumstances are addressed within the agreement.
