The Tenancy in Common Agreement is essential when two or more parties wish to co-own property in the Philippines while maintaining individual, undivided interests. This document becomes necessary when multiple parties invest in property together, whether for personal use, investment, or commercial purposes. It is particularly relevant in the Philippine context where property co-ownership is governed by the Civil Code and various property laws. The agreement details ownership percentages, management rights, financial obligations, and procedures for handling disputes or ownership transfers. It should be used whenever parties enter into a co-ownership arrangement to prevent future conflicts and ensure clear understanding of rights and responsibilities. The document must comply with Philippine property law requirements and should be notarized to ensure its enforceability.
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1. Parties: Identification of all co-owners with their complete legal names, addresses, and contact details
2. Background: Context of the agreement, including the property acquisition and purpose of the co-ownership arrangement
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete description of the property including location, boundaries, and title information
5. Ownership Shares: Specification of each co-owner's percentage share in the property
6. Rights and Obligations: General rights and responsibilities of co-owners including usage, maintenance, and decision-making processes
7. Financial Contributions: Requirements for sharing costs, expenses, and taxation obligations
8. Property Management: Procedures for day-to-day management and major decisions regarding the property
9. Transfer of Interest: Rules and procedures for selling, transferring, or encumbering ownership shares
10. Dispute Resolution: Process for resolving disagreements between co-owners
11. Termination: Conditions and procedures for terminating the co-ownership arrangement
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
13. Execution: Signature blocks and execution requirements
1. Property Usage Schedule: Used when co-owners need specific scheduling for property usage or access
2. Rental Income Distribution: Include when the property will be rented out to generate income
3. Property Development: Required when co-owners plan to develop or significantly modify the property
4. Death or Incapacity: Special provisions for succession or handling of shares in case of death or incapacity
5. Insurance Requirements: Specific insurance obligations when property requires particular coverage
6. Right of First Refusal: Optional provision giving co-owners priority rights to purchase others' shares
7. Property Manager Appointment: Include when a professional property manager will be engaged
1. Schedule A - Property Description: Detailed technical description of the property including lot plans and boundaries
2. Schedule B - Ownership Proportions: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule C - Financial Obligations: Detailed breakdown of cost sharing arrangements and payment schedules
4. Schedule D - Management Rules: Specific rules and procedures for property management and decision-making
5. Appendix 1 - Property Title: Copy of the property title or registration documents
6. Appendix 2 - Property Valuation: Independent valuation report of the property
7. Appendix 3 - Tax Certificates: Relevant tax declarations and certificates
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