The Tenancy In Common Agreement is essential when two or more parties wish to co-own property in Hong Kong while maintaining separate and distinct ownership shares. This arrangement is commonly used for both residential and commercial properties, allowing co-owners to hold different percentages of ownership and transfer their interests independently. The document is crucial for preventing future disputes by clearly defining each party's rights, responsibilities, and financial obligations. It must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Land Registration Ordinance. The agreement is particularly valuable for family property arrangements, investment partnerships, and corporate property holdings where multiple entities share ownership interests.
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1. Parties: Identification of all co-owners entering into the agreement
2. Background: Context of the co-ownership arrangement and property acquisition
3. Definitions: Key terms used throughout the agreement
4. Ownership Shares: Specification of each co-owner's percentage interest in the property
5. Property Management: Rules for day-to-day management and decision-making processes
6. Financial Obligations: Cost-sharing arrangements for maintenance, repairs, taxes, and other expenses
7. Use and Occupation: Rights and restrictions regarding property use and occupation
8. Transfer of Interest: Procedures and restrictions for selling or transferring ownership shares
9. Death of Co-owner: Provisions dealing with succession of ownership shares
10. Dispute Resolution: Procedures for resolving disagreements between co-owners
11. Termination: Circumstances and procedures for terminating the agreement
12. Governing Law: Specification of Hong Kong law as governing law
1. Mortgage Provisions: Required if the property is mortgaged, addressing responsibility for mortgage payments and related obligations
2. Rental Income: Include when the property will be rented out, covering income distribution and tenant management
3. Property Development: Necessary if co-owners plan to develop or significantly modify the property
4. First Right of Refusal: Optional provision giving co-owners priority rights to purchase others' shares
5. Insurance Requirements: Detailed insurance obligations beyond basic coverage
6. Property Manager Appointment: Required if a professional property manager will be engaged
7. Buy-Out Provisions: Detailed procedures for one co-owner buying out others' interests
1. Property Details: Full legal description and details of the property
2. Ownership Schedule: Detailed breakdown of ownership percentages and contributions
3. Financial Contributions: Record of initial and ongoing financial contributions by each co-owner
4. Management Rules: Detailed rules for property management and decision-making
5. Maintenance Schedule: Schedule of regular maintenance responsibilities and cost allocation
6. Insurance Requirements: Specific insurance requirements and coverage details
Relevant legal definitions
Agreement
Property
Co-owners
Ownership Share
Common Areas
Exclusive Use Areas
Commencement Date
Costs
Encumbrance
Financial Year
Government Lease
Interest Rate
Land Registry
Major Decision
Management Rules
Mortgage
Mortgagee
Outgoings
Permitted Use
Property Manager
Qualifying Expenditure
Related Person
Required Majority
Sale Notice
Special Resolution
Stamp Duty
Transfer
Transfer Notice
Transferee
Transferor
Valuation
Working Day
Property
Co-owners
Ownership Share
Common Areas
Exclusive Use Areas
Commencement Date
Costs
Encumbrance
Financial Year
Government Lease
Interest Rate
Land Registry
Major Decision
Management Rules
Mortgage
Mortgagee
Outgoings
Permitted Use
Property Manager
Qualifying Expenditure
Related Person
Required Majority
Sale Notice
Special Resolution
Stamp Duty
Transfer
Transfer Notice
Transferee
Transferor
Valuation
Working Day
Clauses
Interpretation
Co-ownership
Property Rights
Management and Control
Financial Obligations
Decision Making
Transfer Restrictions
Right of First Refusal
Mortgages and Charges
Insurance
Property Maintenance
Use and Occupation
Income Distribution
Death and Succession
Default Provisions
Dispute Resolution
Termination
Force Majeure
Notices
Severability
Entire Agreement
Governing Law
Assignment
Amendment
Costs and Stamp Duty
Co-ownership
Property Rights
Management and Control
Financial Obligations
Decision Making
Transfer Restrictions
Right of First Refusal
Mortgages and Charges
Insurance
Property Maintenance
Use and Occupation
Income Distribution
Death and Succession
Default Provisions
Dispute Resolution
Termination
Force Majeure
Notices
Severability
Entire Agreement
Governing Law
Assignment
Amendment
Costs and Stamp Duty
Relevant Industries
Real Estate
Property Development
Banking & Finance
Legal Services
Property Management
Construction
Residential Property
Commercial Property
Investment & Asset Management
Relevant Teams
Legal
Real Estate
Property Management
Asset Management
Facilities Management
Investment
Corporate Services
Risk Management
Compliance
Operations
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Conveyancing Manager
Estate Planning Attorney
Property Investment Manager
Asset Manager
Real Estate Investment Director
Corporate Lawyer
Property Director
Facilities Manager
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