A Tenants In Common Deed is essential when multiple parties wish to own property together while maintaining individual, transferable interests. This document is commonly used in the United States for investment properties, family holdings, or when unrelated parties purchase property together. The deed specifies each owner's percentage interest, enables independent sale or transfer of interests, and ensures that interests pass to chosen heirs rather than co-owners upon death. Unlike joint tenancy, this arrangement doesn't include automatic rights of survivorship. The deed must conform to state-specific requirements and typically requires proper recording with local authorities.
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1. Title and Date: Identifies document as Tenants in Common Deed and execution date
2. Parties: Names and addresses of Grantor(s) and Grantee(s)
3. Consideration Statement: Statement of consideration paid for the property transfer
4. Property Description: Legal description of the property being transferred
5. Ownership Interests: Specification of percentage interests held by each tenant in common
6. Habendum Clause: Defines the type of estate being granted (tenancy in common)
7. Execution Block: Signature lines, notary block, and witness provisions
1. Rights and Responsibilities: Detailed outline of co-owners' rights and obligations when parties want to clarify management responsibilities
2. Transfer Restrictions: Any agreed limitations on future transfers of interests when parties want to restrict future sales or transfers
3. Expense Allocation: Agreement on sharing property expenses when parties want to formalize cost-sharing arrangements
1. Property Survey: Detailed survey of the property boundaries and features
2. Title Report: Current title report showing property ownership and encumbrances
3. Property Tax Assessment: Current tax assessment information
4. Ownership Schedule: Detailed breakdown of ownership percentages and contributions
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