Tenancy In Common Agreement for Nigeria

Tenancy In Common Agreement Template for Nigeria

This document establishes a Tenancy in Common arrangement under Nigerian law, allowing multiple parties to own undivided shares in a property while maintaining individual ownership rights. The agreement complies with the Nigerian Land Use Act and relevant state property laws, providing a comprehensive framework for co-ownership, including ownership percentages, management responsibilities, financial obligations, and dispute resolution mechanisms. It addresses both the legal requirements for property co-ownership in Nigeria and the practical aspects of managing shared property interests.

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What is a Tenancy In Common Agreement?

A Tenancy in Common Agreement is essential when multiple parties wish to own property together while maintaining separate, transferable interests in Nigeria. This document is particularly crucial given Nigeria's unique land tenure system under the Land Use Act and various state property laws. The agreement details each co-owner's undivided share, rights, and obligations, while ensuring compliance with local registration requirements and property regulations. It's commonly used for both residential and commercial properties, providing clear guidelines for property management, cost sharing, and interest transfers. The document should be used whenever two or more parties intend to purchase property together but want to maintain individual ownership rights and the ability to transfer their interests independently.

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

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

2. Background: Context of the agreement, including property acquisition and purpose of the co-ownership arrangement

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

4. Property Details: Full legal description of the property, including title information and registration details

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

6. Rights and Obligations: General rights and responsibilities of co-owners, including use of property and decision-making processes

7. Property Management: Procedures for day-to-day management, maintenance, and improvements

8. Financial Obligations: Cost sharing arrangements, including maintenance, taxes, and utilities

9. Transfer of Interests: Rules regarding sale, transfer, or encumbrance of ownership interests

10. Death of Co-owner: Procedures and rights in the event of a co-owner's death

11. Dispute Resolution: Process for resolving conflicts between co-owners

12. Termination: Conditions and procedures for terminating the agreement

13. Governing Law: Specification of Nigerian law and relevant state jurisdiction

14. Execution: Signature blocks and attestation requirements

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

1. Property Usage Schedule: Used when co-owners need specific arrangements for sharing time or space in the property

2. Property Manager Appointment: Include when a third-party property manager will be appointed

3. Right of First Refusal: Optional clause giving co-owners first right to purchase if one party wishes to sell

4. Insurance Requirements: Detailed insurance obligations when specific coverage is needed

5. Mortgage Provisions: Include when the property is or will be subject to a mortgage

6. Business Use Provisions: Include when the property may be used for business purposes

7. Environmental Compliance: Include for properties with specific environmental concerns or requirements

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

1. Schedule A - Property Description: Detailed legal description of the property including plans and surveys

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

3. Schedule C - Financial Contributions: Record of initial and ongoing financial contributions by each co-owner

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

5. Appendix 1 - Property Title Documents: Copies of relevant title documents and registration certificates

6. Appendix 2 - Condition Report: Initial condition report of the property at the time of agreement

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

Nigeria

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Real Estate Investment

Agriculture

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Mixed-Use Development

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Investment

Corporate Affairs

Compliance

Operations

Asset Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Investment Manager

Property Developer

Legal Counsel

Land Administrator

Estate Manager

Property Investment Advisor

Facilities Manager

Corporate Lawyer

Real Estate Investment Manager

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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