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Tenancy In Common Agreement
"Need a Tenancy in Common Agreement for a three-bedroom house in Dublin, to be owned equally by myself and my sister, with specific provisions for maintenance cost sharing and a right of first refusal if either party wishes to sell their share."
1. Parties: Identification of all co-owners entering into the agreement
2. Background: Context of the agreement, including property details and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Ownership Shares: Clear statement of each co-owner's percentage share in the property
5. Property Management: Rules for decision-making regarding property management and maintenance
6. Financial Obligations: Arrangements for sharing costs, expenses, and mortgage payments
7. Use and Occupation: Rules governing how the co-owners can use and occupy the property
8. Sale or Transfer of Shares: Procedures for selling or transferring ownership shares
9. Death of a Co-owner: Provisions dealing with succession and inheritance of shares
10. Insurance: Requirements for property insurance and liability coverage
11. Dispute Resolution: Procedures for resolving conflicts between co-owners
12. Termination: Conditions and procedures for terminating the agreement
13. Governing Law: Confirmation that the agreement is governed by Irish law
1. Buyout Provisions: Detailed procedures for one co-owner buying out another's share - include when there's interest in potential future buyouts
2. Rental Arrangements: Rules for renting out the property - include when property may be rented to third parties
3. Property Improvements: Procedures for making and paying for property improvements - include when significant renovations are planned
4. Right of First Refusal: Process giving co-owners first right to purchase when one wants to sell - include when parties want to maintain control over future co-owners
5. Property Manager: Provisions for appointing and instructing a property manager - include for complex properties or absent owners
6. Exclusive Use Areas: Designation of areas for exclusive use by specific co-owners - include for properties with distinct living spaces
7. Pets and Guests: Rules regarding pets and long-term guests - include when co-owners have different preferences
8. Mediation Clause: Specific mediation procedures before litigation - include when parties want to emphasize alternative dispute resolution
1. Schedule 1 - Property Details: Detailed description of the property including title details and folio number
2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and any special conditions
3. Schedule 3 - Financial Contributions: Initial financial contributions and ongoing payment obligations of each party
4. Schedule 4 - Property Inventory: Inventory of furniture, fixtures, and equipment included in common ownership
5. Schedule 5 - Management Rules: Detailed rules for day-to-day management and decision-making
6. Appendix A - Property Plans: Floor plans and any exclusive use area designations
7. Appendix B - Maintenance Schedule: Schedule of regular maintenance tasks and responsibilities
8. Appendix C - Contact Details: Contact information for all co-owners and relevant third parties
Authors
Real Estate
Residential Property
Commercial Property
Property Investment
Legal Services
Property Management
Family Law
Corporate Real Estate
Banking and Finance
Legal
Real Estate
Property Management
Investment
Conveyancing
Risk Management
Corporate Services
Asset Management
Documentation
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Conveyancing Solicitor
Property Investment Advisor
Estate Planning Attorney
Property Rights Specialist
Real Estate Investment Manager
Property Portfolio Manager
Legal Document Specialist
Real Estate Investment Consultant
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