What Does the Tenants in Common Agreement Include?
• The tenants in common agreement mainly states the percentage of ownership of each co-owner. Without this statement, all the co-owners will be considered to own equal share in the property. Generally, some might purchase a larger share of the property, while some might purchase a smaller share, and the separate ownership percentages need to be declared in writing. • Tenants in common agreement includes agreed upon buy-out prices, when a buy-out can be refused and what rights the inheritors have over the property after death of one of the initial co-owners. • This agreement also specifies whether one of the co-owners can modify the property. If yes, the agreement also states what financial obligations this will incur on all the owners. • The tenancy in common agreement allows co-owners to sell or dispose their portion of the property, but not before first offering the fellow co-owners a chance to buy their interest. The manner of notification and acceptance of this offer is clearly sta
