Document background
The Tenancy In Common Contract is essential when two or more parties wish to own property together while maintaining separate and distinct ownership shares in Australia. This arrangement is commonly used for investment properties, family property arrangements, or business partnerships where parties want to maintain individual control over their share. The document becomes particularly important as it clearly defines each owner's rights, responsibilities, and ownership percentage, helping prevent future disputes and providing clear guidelines for property management and ownership transfers. It must comply with Australian property law requirements and typically includes provisions for maintenance costs, usage rights, decision-making processes, and procedures for selling or transferring ownership interests. This type of agreement is distinct from joint tenancy arrangements and requires careful consideration of state-specific property laws and regulations.
