A Tenants In Common Deed is essential when two or more parties wish to own property together while maintaining separate and distinct interests in the property under Australian law. This document is commonly used in both residential and commercial property contexts, particularly when co-owners want to hold unequal shares or maintain the ability to deal with their interest independently. The deed establishes clear parameters for ownership, management, and decision-making, helping prevent future disputes and providing a framework for resolving issues when they arise. It is particularly relevant in situations involving family property arrangements, investment partnerships, or business property holdings, and must comply with the property law requirements of the relevant Australian state or territory. The document should be prepared with consideration of applicable state legislation, such as the Real Property Act and Property Law Act.
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1. Parties: Identifies and provides full details of all co-owners entering into the agreement
2. Background: Sets out the context of the agreement, including details of the property and the intention to own it as tenants in common
3. Definitions: Defines key terms used throughout the deed
4. Ownership Shares: Specifies the percentage or fraction of ownership held by each co-owner
5. Property Details: Detailed description of the property including title references and encumbrances
6. Financial Contributions: Details how purchase price, mortgage payments, and ongoing costs are to be shared
7. Management and Decisions: Procedures for making decisions about the property and its management
8. Maintenance and Repairs: Responsibilities and processes for property maintenance and repairs
9. Usage Rights: Rules and arrangements for using or occupying the property
10. Sale or Transfer of Interests: Process for handling the sale or transfer of an owner's share
11. Dispute Resolution: Procedures for resolving disagreements between co-owners
12. Termination: Circumstances and procedures for terminating the co-ownership arrangement
13. Governing Law: Specifies the governing law and jurisdiction
14. Execution: Formal execution clauses and signing requirements
1. Mortgage Arrangements: Required when the property is subject to a mortgage, detailing lending arrangements and responsibilities
2. Rental Income: Include when the property will be rented out, covering income distribution and management
3. Property Manager: Include when a professional property manager will be appointed
4. Death or Incapacity: Special provisions for handling an owner's death or incapacity
5. First Right of Refusal: Option for existing owners to purchase another owner's share before external sale
6. Insurance Requirements: Specific insurance obligations beyond standard requirements
7. Development Rights: Include when there are plans for property development or substantial modifications
8. Special Use Provisions: For properties with specific use requirements or restrictions
1. Property Schedule: Detailed property description, including title details, boundaries, and certificates
2. Ownership Schedule: Detailed breakdown of ownership shares and initial capital contributions
3. Financial Contributions Schedule: Detailed breakdown of ongoing financial obligations and payment arrangements
4. Management Rules: Detailed procedures for property management and decision-making
5. Maintenance Schedule: Detailed maintenance responsibilities and cost-sharing arrangements
6. Usage Schedule: Detailed arrangements for sharing or allocating usage rights
7. Contact Details: Contact information for all owners and relevant third parties
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