Tenants in Common Agreement

Co-Owner A: [Name] · Co-Owner B: [Name] (add additional co-owners as needed) Property: [Address/Legal Description] · Date: [Date]

1. Ownership Shares

The co-owners hold title as tenants in common, in the following undivided shares: Co-Owner A: [%], Co-Owner B: [%], based on their respective contributions to the purchase.

2. Shared Expenses

Mortgage payments, property taxes, insurance, and major repairs are shared according to ownership percentage, [unless a co-owner has exclusive use of the property, in which case: describe adjustment].

3. Use of Property

[Describe how the property is used — e.g. shared vacation home with a rotation schedule, rental property, or one co-owner's primary residence with the others as investors.]

4. Decision-Making

Major decisions (sale, refinancing, significant renovations) require [unanimous consent / majority approval based on ownership share]. Routine maintenance decisions may be made by [Any co-owner / the managing co-owner, if designated].

5. Right of First Refusal

If any co-owner wishes to sell their share, the other co-owner(s) have the right of first refusal to purchase it at [fair market value, per an independent appraisal], before it may be sold to an outside party.

6. Partition

The co-owners agree that if a dispute cannot be resolved, [a buyout process will be attempted first, before either party exercises their legal right to seek a court-ordered partition/sale].

7. Death of a Co-Owner

Unlike joint tenancy, a tenant in common's share passes to their heirs/estate upon death, not automatically to the surviving co-owner(s), [unless the parties agree otherwise via a separate estate planning arrangement].

Co-Owner A: ______________________ Date: ____________ Co-Owner B: ______________________ Date: ____________

*This document is provided for informational and educational purposes only and does not constitute legal advice. Without an agreement like this, any tenant in common can legally force a sale of the entire property through a court "partition" action at any time — the right of first refusal and dispute-resolution process (Sections 5-6) are what give co-owners a real alternative to that drastic outcome.*