Document background
The Memorandum of Tenants in Common Agreement is essential when multiple parties wish to co-own property while maintaining separate and distinct ownership interests. This document is particularly relevant in the United States where state property laws govern such arrangements. It serves to prevent future disputes by clearly defining ownership rights, management responsibilities, and financial obligations. The agreement typically includes provisions for property management, expense sharing, transfer restrictions, and dispute resolution mechanisms. It's commonly used in both commercial and residential property investments, particularly when investors want to maintain individual ownership rights while sharing in the benefits and responsibilities of property ownership.
