The Tenancy In Common Agreement is essential when two or more parties wish to own property together while maintaining separate and distinct ownership shares in Malaysia. This arrangement is commonly used in both residential and commercial property ownership, particularly when co-owners want to maintain individual control over their respective shares and succession rights. The document becomes crucial when parties need to formalize their co-ownership arrangement, specify their respective ownership shares, establish management protocols, and define their rights and obligations under Malaysian law. The agreement helps prevent future disputes by clearly documenting each party's rights, responsibilities, and financial obligations, while ensuring compliance with the National Land Code 1965 and other relevant Malaysian legislation. It's particularly valuable in situations involving family property holdings, business partnerships, or investment properties with multiple stakeholders.
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1. Parties: Identification of all co-owners with their full legal names, identification numbers, and addresses
2. Background: Context of the agreement, including property details and purpose of the co-ownership arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Ownership Shares: Clear specification of each co-owner's share in the property, expressed as percentages or fractions
5. Property Details: Comprehensive description of the property including title details, location, and registration information
6. Rights and Obligations: General rights and obligations of co-owners, including use of property and decision-making processes
7. Management and Maintenance: Provisions for property management, maintenance responsibilities, and cost sharing
8. Financial Obligations: Details of shared expenses, payment obligations, and accounting procedures
9. Transfer and Encumbrance: Rules regarding transfer of shares, right of first refusal, and creation of encumbrances
10. Dispute Resolution: Procedures for resolving disputes between co-owners
11. Termination: Circumstances and procedures for terminating the agreement or selling the property
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Property Manager: Appointment and duties of a property manager, if applicable
2. Rental Income: Provisions for sharing rental income if the property is to be leased
3. Insurance: Specific insurance requirements and cost sharing arrangements
4. Death or Incapacity: Provisions dealing with death or incapacity of a co-owner
5. Mortgages: Provisions regarding existing or future mortgages on the property
6. Special Use Rights: Specific arrangements for exclusive use of certain areas by particular co-owners
7. Development Rights: Provisions for future development or improvement of the property
8. Environmental Matters: Special provisions for environmental compliance and responsibilities
1. Schedule 1 - Property Description: Detailed legal description of the property including lot number, title details, and floor plans
2. Schedule 2 - Ownership Schedule: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule 3 - Maintenance Schedule: Detailed maintenance responsibilities and cost allocation
4. Schedule 4 - Financial Contributions: Schedule of regular financial contributions and payment terms
5. Schedule 5 - Property Rules: Specific rules governing the use and management of the property
6. Appendix A - Copy of Title: Copy of the property title document
7. Appendix B - Property Valuation: Current property valuation report
8. Appendix C - Condition Report: Current condition report of the property
Relevant legal definitions
Agreement
Property
Co-owners
Common Areas
Commencement Date
Identity Card
Share
Management Costs
Maintenance Charges
Title Deed
Encumbrance
Transfer
Business Day
Disposal
Financial Year
Improvements
Land Registry
Outgoings
Permitted Use
Property Manager
Proprietor
Stamp Duty
Tenancy in Common
Term
Valuation
Witness
Property
Co-owners
Common Areas
Commencement Date
Identity Card
Share
Management Costs
Maintenance Charges
Title Deed
Encumbrance
Transfer
Business Day
Disposal
Financial Year
Improvements
Land Registry
Outgoings
Permitted Use
Property Manager
Proprietor
Stamp Duty
Tenancy in Common
Term
Valuation
Witness
Clauses
Interpretation
Property Description
Ownership Shares
Registration
Rights and Obligations
Property Management
Financial Contributions
Maintenance and Repair
Insurance
Decision Making
Transfer Restrictions
Right of First Refusal
Mortgages and Charges
Property Use
Cost Sharing
Income Distribution
Default
Dispute Resolution
Termination
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Governing Law
Succession
Indemnification
Amendments
Further Assurance
Compliance with Laws
Property Description
Ownership Shares
Registration
Rights and Obligations
Property Management
Financial Contributions
Maintenance and Repair
Insurance
Decision Making
Transfer Restrictions
Right of First Refusal
Mortgages and Charges
Property Use
Cost Sharing
Income Distribution
Default
Dispute Resolution
Termination
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Governing Law
Succession
Indemnification
Amendments
Further Assurance
Compliance with Laws
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Property Management
Construction
Hospitality
Retail
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Asset Management
Facilities Management
Compliance
Risk Management
Finance
Corporate Services
Investment
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Real Estate Investment Manager
Property Development Manager
Asset Manager
Facilities Manager
Corporate Lawyer
Conveyancing Executive
Trust Manager
Property Investment Advisor
Real Estate Director
Legal Manager
Compliance Officer
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