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Tenancy In Common Contract

Tenancy In Common Contract Template for India

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Key Requirements PROMPT example:

Tenancy In Common Contract

"Need a Tenancy in Common Contract for a residential property in Mumbai being jointly purchased by three family members (myself and two siblings) in January 2025, with specific provisions for maintenance cost sharing and a right of first refusal clause."

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Document background
The Tenancy In Common Contract is a crucial legal document used in Indian property law when two or more parties wish to own a property together while maintaining separate and distinct ownership interests. This arrangement is particularly common in family property holdings, investment partnerships, and corporate real estate ventures. The document becomes necessary when parties want to establish clear boundaries of ownership, define management responsibilities, and set protocols for decision-making and dispute resolution. It must comply with the Transfer of Property Act, 1882, and other relevant Indian legislation, making it essential for protecting each owner's interests while ensuring smooth property management. The contract typically includes detailed provisions about ownership percentages, financial obligations, property maintenance, transfer rights, and succession planning, making it a fundamental tool for structured co-ownership arrangements in India.
Suggested Sections

1. Parties: Details of all co-owners including full names, addresses, and their respective shares in the property

2. Background: Context of the agreement, including property acquisition circumstances and purpose of the co-ownership arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Complete description of the property including address, boundaries, and registration details

5. Ownership Shares: Specific percentage or fraction of ownership held by each co-owner

6. Rights and Obligations: General rights and obligations of all co-owners regarding property use, maintenance, and decision-making

7. Property Management: Procedures for day-to-day management, maintenance responsibilities, and cost sharing

8. Decision Making: Process for making decisions about the property, including voting rights and majority requirements

9. Financial Obligations: Details of sharing property expenses, taxes, utilities, and maintenance costs

10. Transfer of Interest: Procedures and restrictions for selling, transferring, or encumbering ownership shares

11. Dispute Resolution: Process for resolving disputes between co-owners

12. Termination: Conditions and procedures for terminating the co-ownership arrangement

13. Governing Law: Specification of Indian law as governing law and jurisdiction

Optional Sections

1. Right of First Refusal: Gives existing co-owners first right to purchase another owner's share before it can be sold to outside parties

2. Property Usage Schedule: Required when co-owners agree to specific time allocations for property usage

3. Property Manager Appointment: Needed when co-owners agree to appoint a professional property manager

4. Insurance Requirements: Detailed insurance obligations when specific coverage is required

5. Mortgage Provisions: Required when the property is mortgaged or when future financing is contemplated

6. Survivorship Rights: Special provisions regarding inheritance and succession of ownership shares

7. Rental Income Distribution: Required when the property will be rented out and income needs to be distributed

8. Development Rights: Needed when future property development is contemplated

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property including survey details and boundaries

2. Schedule B - Ownership Shares: Detailed breakdown of ownership percentages and contribution records

3. Schedule C - Financial Contributions: Record of initial and ongoing financial contributions by each co-owner

4. Schedule D - Maintenance Schedule: Regular maintenance requirements and responsibilities

5. Schedule E - Property Rules: Specific rules and regulations for property use and management

6. Appendix 1 - Property Title Documents: Copies of property title and registration documents

7. Appendix 2 - Co-owners' Contact Information: Detailed contact information for all co-owners and their representatives

8. Appendix 3 - Property Photos and Plans: Current photographs and architectural plans of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Property Development

Legal Services

Financial Services

Property Management

Construction

Housing

Investment Management

Family Office Services

Corporate Real Estate

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Compliance

Investment

Operations

Risk Management

Finance

Advisory

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Investment Manager

Legal Counsel

Property Developer

Estate Planning Attorney

Asset Manager

Property Administrator

Compliance Officer

Real Estate Agent

Investment Advisor

Family Office Manager

Trust Administrator

Real Estate Portfolio Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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