Tenancy In Common Agreement for India

Tenancy In Common Agreement Template for India

A comprehensive legal document governed by Indian property law that establishes and regulates the co-ownership arrangement between multiple parties who own distinct shares of a single property. The agreement details the rights, responsibilities, and obligations of each co-owner, including property management, expense sharing, decision-making processes, and procedures for transferring ownership interests. It complies with the Transfer of Property Act, 1882, and other relevant Indian legislation, while providing a framework for dispute resolution and property administration.

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What is a Tenancy In Common Agreement?

The Tenancy in Common Agreement is essential when two or more parties wish to co-own property in India while maintaining separate and distinct ownership interests. This document is commonly used in both residential and commercial property arrangements, providing a clear framework for co-ownership under Indian law. It addresses crucial aspects such as ownership percentages, property management responsibilities, expense sharing, and protocols for selling or transferring interests. The agreement must comply with the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state-specific property laws. It's particularly valuable when co-owners want to maintain individual rights to sell or transfer their share independently, or when they wish to pass their interest to specific beneficiaries upon death.

What sections should be included in a Tenancy In Common Agreement?

1. Parties: Identification of all co-owners including their full legal names, addresses, and contact details

2. Background: Context of the agreement, including brief property description and circumstances leading to the tenancy in common arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including legal description and title details

5. Ownership Interests: Specification of each co-owner's percentage share in the property

6. Rights and Obligations: General rights and obligations of co-owners including access, use, and enjoyment of the property

7. Financial Contributions: Arrangements for sharing property expenses, taxes, maintenance costs, and utilities

8. Property Management: Procedures for making decisions about property management and maintenance

9. Transfer of Interests: Rules and procedures for selling, transferring, or encumbering ownership interests

10. Death or Incapacity: Procedures to follow in case of death or incapacity of a co-owner

11. Dispute Resolution: Mechanisms for resolving disputes between co-owners

12. Termination: Conditions and procedures for terminating the agreement or selling the entire property

13. Governing Law: Specification of applicable laws and jurisdiction

14. Execution: Signing and witnessing requirements

What sections are optional to include in a Tenancy In Common Agreement?

1. Rental Arrangements: Procedures for renting out the property and sharing rental income - include when property will be rented

2. Property Insurance: Specific insurance requirements and cost-sharing - include when complex insurance arrangements are needed

3. Mortgage Details: Arrangements regarding existing or future mortgages - include when property is mortgaged

4. Right of First Refusal: Procedures giving co-owners first right to purchase another's share - include when parties want this option

5. Special Use Provisions: Specific rules about property use or access - include when property has unique features or usage requirements

6. Property Improvements: Procedures for making and paying for property improvements - include when significant improvements are planned

What schedules should be included in a Tenancy In Common Agreement?

1. Schedule A - Property Description: Detailed legal description of the property including boundaries, title details, and any easements

2. Schedule B - Ownership Percentages: Detailed breakdown of ownership shares and initial capital contributions

3. Schedule C - Financial Arrangements: Detailed procedures for handling finances, including bank accounts and payment schedules

4. Schedule D - Management Rules: Detailed rules and procedures for property management and decision-making

5. Schedule E - Maintenance Schedule: Regular maintenance requirements and responsibilities

6. Appendix 1 - Property Documents: Copies of relevant property documents including title deed and property tax records

7. Appendix 2 - Contact Information: Detailed contact information for all parties, including emergency contacts

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Management

Legal Services

Banking & Finance

Construction

Property Development

Investment Management

Property Consulting

Hospitality (for commercial properties)

Retail (for commercial properties)

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Asset Management

Investment

Operations

Finance

Administrative

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Investment Manager

Asset Manager

Compliance Officer

Real Estate Consultant

Property Administrator

Title Officer

Real Estate Paralegal

Property Valuation Expert

Estate Planning Attorney

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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