Document background
The Tenancy in Common Agreement is essential when two or more parties wish to co-own property in Canada while maintaining separate and distinct ownership interests. This document becomes particularly relevant in situations involving family property holdings, investment properties, or shared vacation homes. It addresses crucial aspects such as ownership percentages, property use rights, maintenance responsibilities, and financial obligations under Canadian law. The agreement helps prevent future disputes by clearly outlining decision-making processes, transfer restrictions, and conflict resolution mechanisms. Unlike joint tenancy, a Tenancy in Common Agreement allows each owner to sell or transfer their share independently and pass it to their heirs, making it particularly suitable for business partnerships and family arrangements where flexibility in ownership transfer is desired.
