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Two Parties own undivided interest in the property as tenants in common. Agreement for co-ownership of properties by friends and families as joint owners. This agreement is drafted in Neutral Form.
A Tenants in Common agreement is wherein two or more people have ownership interests in property and each tenant in common may own different percentages of the property.
A tenant in the common agreement is used by the parties to set out the terms governing their relationship as Co-owners of the Property and provide for the orderly administration of the Property.
The description of the Property and the ownership percentage of both the parties should be clearly specified in the Agreement.