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Tenants In Common Agreement
"I need a Tenants in Common Agreement for a beachfront property in Bali, where three co-owners (two Indonesian citizens and one Australian citizen) will share ownership in 40-30-30 proportions, with specific provisions for holiday rental management and foreign ownership compliance."
1. Parties: Identification of all co-owners (tenants in common) with their full legal names, addresses, and citizenship status
2. Background: Context of the agreement, including property acquisition details 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 certificate numbers and registration details as per Indonesian land registry requirements
5. Ownership Shares: Specification of each party's ownership percentage and the basis for determining these shares
6. Rights and Obligations: Detailed outline of each co-owner's rights and responsibilities regarding the property
7. Property Management: Procedures for day-to-day management, maintenance, and decision-making regarding the property
8. Financial Obligations: Distribution of costs, expenses, and tax obligations among co-owners
9. Usage Rights: Terms governing how co-owners may use or occupy the property
10. Transfer of Interest: Procedures and restrictions for selling, transferring, or encumbering ownership shares
11. Dispute Resolution: Process for resolving disagreements between co-owners
12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters
13. Execution: Signature blocks and execution requirements compliant with Indonesian law
1. Right of First Refusal: Optional section providing co-owners first right to purchase if another owner wishes to sell their share
2. Property Development: Include when co-owners plan to develop or make significant improvements to the property
3. Rental Management: Include when the property will be rented to third parties
4. Foreign Ownership Provisions: Required when one or more co-owners are foreign nationals, addressing specific Indonesian foreign ownership restrictions
5. Death or Incapacity: Procedures for handling ownership shares in case of death or incapacity of a co-owner
6. Property Insurance: Specific arrangements for property insurance if agreed among co-owners
7. Bank Account Management: Include when co-owners establish joint bank accounts for property expenses
1. Schedule A - Property Description: Detailed legal description of the property including certificates, boundaries, and maps
2. Schedule B - Ownership Proportions: Detailed breakdown of ownership percentages and initial capital contributions
3. Schedule C - Maintenance Schedule: Regular maintenance requirements and responsibilities
4. Schedule D - Cost Allocation: Detailed breakdown of how various costs and expenses are to be shared
5. Appendix 1 - Property Photographs: Current photographs documenting the property's condition
6. Appendix 2 - Property Certificates: Copies of relevant property certificates and registration documents
7. Appendix 3 - Management Rules: Detailed rules for property management and decision-making procedures
Authors
Real Estate
Property Development
Property Management
Legal Services
Investment Services
Construction
Hospitality
Commercial Property
Residential Property
Agriculture
Legal
Real Estate
Property Management
Compliance
Operations
Risk Management
Investment
Asset Management
Contract Administration
Corporate Affairs
Real Estate Lawyer
Property Manager
Investment Manager
Legal Counsel
Property Developer
Real Estate Agent
Compliance Officer
Contract Administrator
Asset Manager
Risk Manager
Corporate Counsel
Property Investment Advisor
Real Estate Director
Legal Director
Operations Manager
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