Before understanding how to become tenants in common, let us understand the meaning of this term. This means that the percentage each co-owner owns under this kind of joint ownership is not determined at the moment the property is purchased. They will have equal rights on the property by default. Nevertheless, in the event that a co-owner passes away, his rights won't be immediately passed on to the remaining owners. The terms specified in the will of the deceased owner shall govern the division of property.
How Do You Become Tenants in Common?
Draft a Tenancy in Common (TIC) Agreement: This document outlines the rights and responsibilities of each co-owner, including their ownership percentage, financial contributions, and usage rights.
Transfer the Deed: The property deed must be transferred to the group of co-owners. This can be done by purchasing a property together or by adding co-owners to an existing deed.
Legal Consultation: It’s advisable to consult with a real estate attorney to ensure the TIC agreement is legally sound and meets all local regulations.
Record the Agreement: File the TIC agreement with the appropriate local government office to make it official and legally binding.
Manage the Property: Co-owners should regularly communicate and manage the property according to the terms set in the TIC agreement.
By following these steps, you can successfully establish a tenancy in common arrangement.
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How to Become Tenants in Common?
Saksham
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2024-09-22T20:00:22+00:00 2024-09-22T20:00:23+00:00Comment
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