Before moving in together, you can develop a legal agreement (called a declaration or declaration of trust) that includes things like: if one of the tenants were to die, their interest would be transferred to their heirs. If Sally died, John would still own 50% and Mary 25%, but Sally`s 25% would be handed over to whom, in her succession plan, or to her family, according to national law. A common mistake in creating an ICT agreement is the postponement of solving difficult problems („we won`t do it until later“) in order to avoid awkward confrontations and to get a transaction. The problem is that the problems that seem the most difficult to solve are usually the most likely to lead to an argument. Another common mistake is that everything works exactly as expected (especially regarding when people will occupy the property, if and when they will sell it). Housing plans are closely linked to employment, health and housing situations, which change regularly in unexpected ways. A good tic agreement is tenable enough to accommodate dramatic changes in occupancy and ownership plans without being renegotiated, and certainly should never lead an owner to sell his home due to changes in the life of another owner. If three people own the property as tenants and one of them stops contributing to the mortgage payment, the other two remain responsible for the loan in order to avoid a default. The title usually goes to a common lease if these four units are not completed. When a roommate sells or passes the interest on a common lease to another party, the joint tenancy agreement is terminated and a joint tenancy agreement is created. Common tenants cannot prevent another tenant from breaking the common lease.
Most tenants of ordinary buyers are interested in comparing the risks associated with the joint tenancy agreement with the risks associated with home ownership. In this comparison, it should be noted that condominium ownership carries many of the same risks as property of LA ICT, including those created by common obligations such as maintenance and assurance of common space, created by the need for joint management and decision-making, and those created by cohabitation with other co-owners in the immediate vicinity (noise pets) , parking lots, modifications, etc.) The creation of a working group The most significant additional risks associated with joint tenancy are (i) the larger common obligations, such as property tax and (in some cases) collective appropriations, (ii) the complexity and costs of refinancing and refinancing, and (iii) the invocation of an uncovered condominium agreement.