Tenants in Common Agreement Template

It is a written contract between two or more people who own a property together. It outlines who owns what, how decisions will be made, and what happens if one person wants to leave or passes away. Unlike joint ownership, each person listed in the memorandum of tenants in common agreement owns a separate share of the property, which they can give away or leave in a will.

Anyone over the age of 18 can enter into the agreement. This includes people who live together:

The deal typically involves real estate, such as a house, apartment, or land, though it can also apply to other shared assets like vacation homes or commercial property. Each party holds a specific, separately owned share of the property, which they can sell, transfer, or leave to someone in a will. 

Tenants in common contracts can also set rules for everyday responsibilities, such as how to split mortgage payments, repairs, or utility costs. The document is especially helpful for major events, like when one owner wants to sell their share or passes away, as it allows for the prevention of lengthy court hearings. 

A tenants in common agreement template is useful any time several unmarried individuals decide to own property together, especially if everyone contributes different amounts or wants flexibility with their share.

This document usually covers such essential information:

If you're unsure about what clauses to add to the document, use a tenants in common agreement example available online or consult a real estate lawyer.

You don't need a law degree to write this document. If you use a reliable tenancy in common agreement template, here's how to fill it out:

If you wish to end your fixed-term joint tenancy, you must simply get the approval of your landlord and consent from the other tenants. When you end your tenancy, it ends for everyone, as mentioned in the tenants in common agreement sample. It is necessary to get all tenants' consent to end a joint tenancy with a break clause unless your agreement states otherwise.

It's not required in every state but adds legal protection to the deal. A notary confirms that everyone signed it willingly and understood what they were agreeing to. That can make a big difference if there's ever a legal dispute.

Keep a copy of the signed TIC agreement sample in a safe place. You may also file it with the county where the property is located, depending on local rules.

Property law can have particular rules about how to deal with certain types of homeownership. Below are the state laws across the U.S. regulating tenancy-in-common and joint tenancy relations.