The Tenants in Common Co-Ownership Agreement is essential when multiple parties wish to establish shared ownership of property in the Philippines while maintaining individual, undivided interests. This arrangement is commonly used for both residential and commercial properties, allowing co-owners to hold different percentage shares and transfer their interests independently. The document ensures compliance with the Civil Code of the Philippines and local property laws while providing a clear framework for property management, expense sharing, and decision-making processes. It's particularly valuable for family property arrangements, investment partnerships, or business collaborations where parties want to maintain separate ownership interests while sharing property rights and responsibilities. The agreement includes crucial provisions for dispute resolution, property maintenance, and potential future sales or transfers, making it a fundamental tool for protecting all co-owners' interests.
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1. Parties: Identifies all co-owners with their complete legal names, addresses, and contact information
2. Background: Explains the context of the co-ownership arrangement and describes the property being co-owned
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Detailed description of the property including legal description, title details, and registration information
5. Ownership Shares: Specifies the exact percentage or fraction of ownership held by each co-owner
6. Rights and Obligations: Outlines the fundamental rights and responsibilities of each co-owner
7. Property Management: Details how decisions regarding the property will be made and who will manage day-to-day operations
8. Financial Obligations: Specifies how expenses, maintenance costs, and taxes will be shared among co-owners
9. Transfer of Interest: Procedures and restrictions for selling or transferring ownership shares
10. Dispute Resolution: Process for resolving disagreements between co-owners
11. Termination: Conditions and procedures for terminating the co-ownership arrangement
12. Governing Law: Specifies that the agreement is governed by Philippine law and relevant jurisdictional details
1. Right of First Refusal: Optional provision giving existing co-owners first right to purchase when another co-owner wishes to sell
2. Property Usage Schedule: For properties with shared personal use, details the schedule and rules for usage
3. Rental Income Distribution: If the property is to be rented out, specifies how rental income will be distributed
4. Property Improvements: Procedures for deciding on and funding property improvements
5. Insurance Requirements: Specific insurance obligations and cost-sharing arrangements
6. Death or Incapacity: Procedures to follow in case of death or incapacity of a co-owner
7. Property Manager Appointment: Terms for appointing a professional property manager if required
8. Mortgage Provisions: If the property is mortgaged, details about mortgage responsibilities and payments
1. Schedule A - Property Description: Detailed legal description of the property, including title information and boundaries
2. Schedule B - Ownership Allocation: Detailed breakdown of ownership percentages and initial capital contributions
3. Schedule C - Financial Contributions: Record of financial contributions made by each co-owner
4. Schedule D - Property Management Rules: Detailed rules and procedures for property management
5. Schedule E - Contact Information: Complete contact details for all co-owners and their authorized representatives
6. Appendix 1 - Property Title: Copy of the property title or registration documents
7. Appendix 2 - Property Valuation: Recent property valuation report or assessment
8. Appendix 3 - Property Plans: Property plans, drawings, or surveys
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