Document background
A Tenancy in Common Agreement is essential when two or more parties wish to co-own property in Australia while maintaining separate and distinct ownership interests. This document should be used whenever parties plan to purchase property together but want to maintain individual control over their respective shares. The agreement comprehensively addresses critical aspects of co-ownership, including ownership percentages, property use rights, maintenance responsibilities, and financial obligations. It provides clarity on decision-making processes and includes mechanisms for resolving disputes between co-owners. The document must comply with Australian property law requirements and can be customized to accommodate specific needs of the co-owners, such as buy-out provisions or rental arrangements. This type of agreement is particularly important as it helps prevent future conflicts and provides a clear framework for managing the co-ownership relationship.
