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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."
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
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
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
Real Estate
Commercial Property
Residential Property
Agriculture
Industrial Property
Retail
Hospitality
Mixed-Use Development
Office Space
Manufacturing
Legal
Real Estate
Property Management
Asset Management
Facilities Management
Investment
Corporate Affairs
Operations
Administration
Risk Management
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
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