Document background
The Tenancy In Common Agreement is a vital legal instrument used in Belgium when multiple parties wish to establish shared ownership of a property. This document becomes necessary when two or more parties invest in real estate together, whether for residential or commercial purposes. It operates under Belgian civil law, particularly the reformed Property Law of 2020-2021, and must comply with specific regional requirements depending on the property's location (Brussels-Capital, Flanders, or Wallonia). The agreement outlines ownership percentages, maintenance responsibilities, decision-making processes, and dispute resolution mechanisms, while ensuring compliance with Belgian registration and tax requirements. It's particularly crucial for protecting all parties' interests in shared property arrangements and providing a clear framework for ongoing property management and potential future transfers of ownership shares.
