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 outlines the ownership rights and responsibilities of individuals who own a property together. In Santa Clara, California, there are specific agreements for various types of ownership arrangements, including the Tenancy in Common Agreement for Single Dwellings among Domestic Partners. This particular agreement is designed for unmarried couples or registered domestic partners who wish to co-own a residential property in Santa Clara. It establishes a legal framework for ownership and outlines the rights and obligations of each partner. Here are some key details related to the Santa Clara California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners: 1. Ownership Structure: The agreement clarifies that the property is held as a tenancy in common. This means that each partner has a separate, undivided interest in the property, and their ownership shares can be unequal. For example, one partner may have a 60% share while the other has a 40% share. 2. Property Description: The agreement identifies the specific property being co-owned, including its legal address, parcel number, and any physical boundaries or landmarks. It may also include details about the property's characteristics, such as the number of bedrooms, square footage, or special features. 3. Ownership Shares: The agreement details the percentage of ownership that each partner holds in the property. This percentage is typically based on the initial contribution made towards the property's purchase or other agreed-upon criteria. It is crucial to accurately determine these percentages to avoid future disputes or misunderstandings. 4. Rights and Responsibilities: The agreement outlines the rights and obligations of each partner regarding property use, maintenance, repairs, and improvements. It may include provisions on how important decisions will be made, especially if partners have distinct ownership percentages. For example, it might specify that decisions related to major renovations require the agreement of both partners. 5. Financing and Expenses: The agreement addresses how mortgage payments, property taxes, insurance premiums, and other expenses associated with the property will be divided between partners. It may also establish a mechanism for resolving disputes over payment responsibilities or other financial matters. 6. Termination or Sale: The agreement outlines the conditions under which the tenancy in common can be terminated or the property can be sold. These conditions may include circumstances like the death of a partner, a desire to sell the property, or a desire to sever the tenancy and divide the property into separate ownership. It is worth noting that there may be variations of the Santa Clara California Tenancy in Common Agreement — SinglDwellingin— - Domestic Partners, depending on the specific requirements and preferences of the co-owning partners. It is essential to consult with a qualified attorney specializing in real estate and domestic partnerships to ensure that the agreement accurately reflects the unique circumstances of the parties involved.
