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 Tenancy in Common Agreement is a legal document that regulates the ownership and rights of multiple parties, known as tenants in common, who jointly own a single residential property. In the case of San Jose, California, the agreement specifically caters to domestic partners who wish to own a single dwelling together. This agreement outlines the specific terms and conditions that the domestic partners agree upon regarding their ownership rights, responsibilities, and obligations associated with the property. It includes provisions to address various aspects to ensure a smooth co-ownership experience. One important aspect of this agreement is the determination of each partner's ownership interest in the property. Typically, this is proportionate to the monetary contributions made by each partner towards the purchase price or other expenses related to the property acquisition. However, the agreement can also stipulate an equal ownership interest for each partner if they both contribute equally. Furthermore, this agreement can address the division and use of the property among domestic partners. For example, it can designate specific areas or rooms within the dwelling for the exclusive use of each partner. It also outlines how the partners will share common areas, such as living spaces, kitchens, bathrooms, and other shared facilities. The agreement also covers the financial responsibilities related to the property. This may include the division of mortgage payments, property taxes, insurance, repairs, and maintenance costs. It is important that partners clearly define their financial obligations to avoid any disputes or misunderstandings in the future. In addition, the agreement may include provisions about the potential sale or transfer of the property in case one partner wishes to sell their share or terminate the partnership. This can involve a right of first refusal, allowing the remaining partner(s) to purchase the exiting partner's share before selling to an outside party. It's worth noting that there can be different types of Tenancy in Common Agreements designed for specific purposes within the San Jose, California context. For instance, there may be variations for Tenancy in Common Agreements — SinglDwellingin— - Domestic Partners with Children, which would address additional considerations related to custody, support, and the welfare of the children involved. These variations aim to accommodate the unique circumstances and needs of specific domestic partnerships.
