The Tenancy in Common Contract is essential when multiple parties wish to share ownership of a property in the Philippines while maintaining individual, transferable interests. This document type is commonly used for both residential and commercial properties, particularly in situations involving family members, business partners, or investors who want to acquire property together while maintaining separate ownership shares. The contract must comply with the Civil Code of the Philippines and related property laws, including the Property Registration Decree and Land Registration Act. It typically includes detailed provisions about ownership percentages, property management, expense sharing, transfer rights, and dispute resolution mechanisms. The document is particularly important as it provides clarity and legal protection for all co-owners while ensuring their interests are properly documented and registered with relevant authorities.
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1. Parties: Identification of all co-owners including their complete names, addresses, and civil status as required under Philippine law
2. Background: Context of the agreement, including the history of the property acquisition and the intention to hold the property as tenants in common
3. Definitions: Key terms used throughout the agreement, including property description, ownership shares, and other relevant terminology
4. Property Details: Comprehensive description of the property including location, boundaries, and title details as registered with the Register of Deeds
5. Ownership Shares: Specification of each co-owner's undivided interest in the property, expressed in percentages or fractions
6. Rights and Obligations: Detailed outline of co-owners' rights to use, possess, and enjoy the property, and their corresponding obligations
7. Management and Decisions: Procedures for making decisions regarding the property, including required voting thresholds for different types of decisions
8. Expenses and Contributions: Allocation of costs related to maintenance, repairs, taxes, and other property-related expenses
9. Transfer of Interest: Rules and procedures for selling, transferring, or encumbering individual ownership interests
10. Death or Incapacity: Provisions addressing what happens to an owner's share in case of death or incapacity
11. Dispute Resolution: Procedures for resolving conflicts between co-owners, including mediation and arbitration provisions
12. Governing Law: Specification that the agreement is governed by Philippine law and reference to relevant statutes
13. Execution: Formal execution requirements including notarization and witness provisions as required under Philippine law
1. Property Use Schedule: Include when co-owners wish to establish specific schedules or rules for using the property, particularly relevant for vacation homes or commercial properties
2. Right of First Refusal: Include when co-owners want to grant other co-owners the first opportunity to purchase if one owner wishes to sell their share
3. Property Manager Appointment: Include when the co-owners agree to appoint a professional property manager or management company
4. Mortgage Provisions: Include when the property is subject to a mortgage or when co-owners anticipate future financing
5. Insurance Requirements: Include when specific insurance requirements need to be detailed beyond basic property insurance
6. Improvement Procedures: Include when co-owners want to establish specific procedures for making improvements or modifications to the property
1. Schedule A - Property Description: Detailed technical description of the property including lot number, cadastral lot details, and technical boundaries
2. Schedule B - Ownership Allocation: Detailed breakdown of ownership percentages and initial capital contributions
3. Schedule C - Maintenance Schedule: Regular maintenance requirements and responsibilities of each co-owner
4. Schedule D - Expense Allocation: Detailed breakdown of how different types of expenses are to be shared
5. Appendix 1 - Property Title: Copy of the property title or transfer certificate of title (TCT)
6. Appendix 2 - Tax Declarations: Copies of current tax declarations for the property
7. Appendix 3 - Property Photos: Current photographs of the property documenting its condition at the time of agreement
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