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Tenancy In Common Agreement
"I need a Tenancy in Common Agreement for a commercial property in Jakarta's business district, to be shared between three corporate entities with different ownership percentages (50%, 30%, 20%), with specific provisions for property management and future development rights."
1. Parties: Identification of all co-tenants entering into the agreement, including their full legal names, addresses, and citizenship status
2. Background: Context of the agreement, including property details and the intention to own the property as tenants in common
3. Definitions: Key terms used throughout the agreement, including property-specific terminology and Indonesian legal terms
4. Ownership Interests: Specification of each co-tenant's percentage share in the property and confirmation of tenancy in common arrangement
5. Property Details: Complete legal description of the property, including certificate numbers and land registry details as required under Indonesian law
6. Financial Obligations: Division of costs including maintenance, repairs, taxes, insurance, and other property-related expenses
7. Management and Decision Making: Process for making decisions about the property, including voting rights and required majorities
8. Use and Occupation: Rules governing the use of the property by co-tenants and any restrictions
9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and handling repairs
10. Transfer of Interest: Process and restrictions for selling or transferring ownership interests
11. Dispute Resolution: Procedures for resolving disagreements between co-tenants, including mediation and arbitration provisions
12. Governing Law: Confirmation of Indonesian law as governing law and relevant jurisdiction
13. Execution: Signature blocks and execution requirements compliant with Indonesian legal requirements
1. Right of First Refusal: Gives existing co-tenants the first option to purchase if another co-tenant wishes to sell their share
2. Property Manager: Provisions for appointing and governing a property manager when professional management is desired
3. Rental Arrangements: Rules for renting out the property or individual portions when permitted
4. Foreign Ownership Provisions: Special provisions required when one or more co-tenants are foreign nationals
5. Mortgage and Financing: Provisions dealing with existing or future financing arrangements
6. Death or Incapacity: Procedures for handling a co-tenant's interest in case of death or incapacity
7. Insurance Requirements: Specific insurance obligations beyond standard requirements
8. Buy-Out Provisions: Detailed procedures for co-tenants to buy out others' interests
1. Schedule A - Property Description: Detailed legal description of the property including certificates, boundaries, and registrations
2. Schedule B - Ownership Percentages: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule C - Financial Contributions: Initial and ongoing financial obligations of each co-tenant
4. Schedule D - Property Rules and Regulations: Detailed rules for property use, maintenance standards, and occupancy
5. Appendix 1 - Property Management Agreement: Template or actual agreement with property manager if applicable
6. Appendix 2 - Property Plans: Floor plans, site plans, and other relevant property drawings
7. Appendix 3 - Initial Condition Report: Documentation of property condition at agreement commencement
8. Appendix 4 - Insurance Certificates: Copies of required insurance policies and certificates
Authors
Real Estate
Property Development
Hospitality
Commercial Property
Residential Property
Tourism
Retail
Office Space Management
Industrial Property
Agriculture
Legal
Real Estate
Property Management
Corporate Affairs
Facilities Management
Investment
Operations
Compliance
Business Development
Asset Management
Real Estate Manager
Property Developer
Legal Counsel
Property Manager
Investment Manager
Asset Manager
Facilities Manager
Real Estate Agent
Property Investment Advisor
Compliance Officer
Real Estate Attorney
Corporate Counsel
Property Administrator
Business Development Manager
Operations Manager
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