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Tenants In Common Agreement Template for Nigeria

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Key Requirements PROMPT example:

Tenants In Common Agreement

"I need a Tenants in Common Agreement for a residential property in Lagos, Nigeria, to be shared between three family members with ownership splits of 50%, 30%, and 20%, with specific provisions for maintenance cost sharing and future property development."

Document background
The Tenants In Common Agreement is essential for establishing clear legal parameters in situations where multiple parties wish to own distinct shares of a property in Nigeria. This document type is particularly relevant when co-owners want to maintain individual control over their respective shares and potentially transfer them independently. The agreement must comply with the Nigerian Land Use Act 1978 and relevant state property laws, making it crucial for both residential and commercial property arrangements. It typically includes detailed provisions for ownership percentages, property management, expense sharing, decision-making processes, and dispute resolution mechanisms. The document is commonly used in family property arrangements, business partnerships, and investment groups where separate ownership interests need to be clearly defined and protected.
Suggested Sections

1. Parties: Identifies and provides full details of all co-owners entering into the agreement

2. Background: Sets out the context of the agreement, including details of property acquisition and intended purpose of the co-ownership arrangement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Details: Specifies the legal description of the property and registration details as per Nigerian land registry requirements

5. Ownership Shares: Clearly states the percentage or fraction of ownership held by each tenant in common

6. Rights and Obligations: Details the rights and responsibilities of each co-owner regarding property use, maintenance, and decision-making

7. Financial Contributions: Outlines how costs, expenses, and profits related to the property will be shared

8. Property Management: Establishes procedures for day-to-day management and major decisions regarding the property

9. Transfer of Interests: Sets out the process for selling or transferring ownership shares to third parties

10. Dispute Resolution: Specifies procedures for resolving disagreements between co-owners

11. Governing Law: Confirms the agreement is governed by Nigerian law and specifies the relevant state jurisdiction

12. Execution: Formal signing section complying with Nigerian legal requirements for property documents

Optional Sections

1. Property Usage Rules: Detailed rules for property usage when the property is for mixed residential/commercial use or has specific usage restrictions

2. Resident Co-owner Provisions: Special provisions for situations where some co-owners reside in the property while others don't

3. Business Operation: Specific provisions for properties used for business purposes, including profit sharing and operation guidelines

4. Property Development: Provisions for future development or improvement of the property, including decision-making processes and cost sharing

5. Mortgage Provisions: Specific provisions dealing with existing or future mortgages on the property

6. Death of Co-owner: Detailed provisions for handling a co-owner's death and the transfer of their interest

7. Insurance Requirements: Specific insurance obligations beyond standard requirements when the property has special insurance needs

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property including land registry details, boundaries, and certificates of occupancy

2. Ownership Schedule: Detailed breakdown of ownership shares and initial capital contributions

3. Financial Obligations Schedule: Detailed breakdown of shared costs, payment schedules, and financial responsibilities

4. Property Management Rules: Detailed rules and procedures for property management and maintenance

5. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances on the property

6. Contact Information: Full contact details and addresses for service for all co-owners

Authors

Alex Denne

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

Relevant legal definitions







































Clauses



































Relevant Industries

Real Estate

Commercial Property

Residential Property

Agriculture

Industrial Property

Retail

Hospitality

Mixed-Use Development

Office Space

Manufacturing

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Facilities Management

Investment

Corporate Affairs

Operations

Administration

Risk Management

Relevant Roles

Property Lawyer

Real Estate Manager

Property Developer

Investment Manager

Estate Agent

Legal Counsel

Property Administrator

Asset Manager

Facilities Manager

Property Investment Advisor

Real Estate Consultant

Land Administrator

Corporate Lawyer

Property Rights Specialist

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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