A Tenancy in Common Agreement is essential when multiple parties wish to own property together while maintaining separate, transferable interests in Nigeria. This document is particularly crucial given Nigeria's unique land tenure system under the Land Use Act and various state property laws. The agreement details each co-owner's undivided share, rights, and obligations, while ensuring compliance with local registration requirements and property regulations. It's commonly used for both residential and commercial properties, providing clear guidelines for property management, cost sharing, and interest transfers. The document should be used whenever two or more parties intend to purchase property together but want to maintain individual ownership rights and the ability to transfer their interests independently.
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1. Parties: Identification of all co-owners with their full legal names, addresses, and contact information
2. Background: Context of the agreement, including property acquisition and purpose of the co-ownership arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Full legal description of the property, including title information and registration details
5. Ownership Interests: Specification of each co-owner's percentage share in the property
6. Rights and Obligations: General rights and responsibilities of co-owners, including use of property and decision-making processes
7. Property Management: Procedures for day-to-day management, maintenance, and improvements
8. Financial Obligations: Cost sharing arrangements, including maintenance, taxes, and utilities
9. Transfer of Interests: Rules regarding sale, transfer, or encumbrance of ownership interests
10. Death of Co-owner: Procedures and rights in the event of a co-owner's death
11. Dispute Resolution: Process for resolving conflicts between co-owners
12. Termination: Conditions and procedures for terminating the agreement
13. Governing Law: Specification of Nigerian law and relevant state jurisdiction
14. Execution: Signature blocks and attestation requirements
1. Property Usage Schedule: Used when co-owners need specific arrangements for sharing time or space in the property
2. Property Manager Appointment: Include when a third-party property manager will be appointed
3. Right of First Refusal: Optional clause giving co-owners first right to purchase if one party wishes to sell
4. Insurance Requirements: Detailed insurance obligations when specific coverage is needed
5. Mortgage Provisions: Include when the property is or will be subject to a mortgage
6. Business Use Provisions: Include when the property may be used for business purposes
7. Environmental Compliance: Include for properties with specific environmental concerns or requirements
1. Schedule A - Property Description: Detailed legal description of the property including plans and surveys
2. Schedule B - Ownership Percentages: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule C - Financial Contributions: Record of initial and ongoing financial contributions by each co-owner
4. Schedule D - Management Procedures: Detailed procedures for property management and decision-making
5. Appendix 1 - Property Title Documents: Copies of relevant title documents and registration certificates
6. Appendix 2 - Condition Report: Initial condition report of the property at the time of agreement
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