When purchasing a property with another person, it`s important to have a clear understanding of each party`s ownership rights and responsibilities. This is where a tenants in common agreement comes in handy. This legal document outlines the terms of co-ownership and can help avoid disputes down the line.

However, creating a tenants in common agreement can be costly and time-consuming. Fortunately, there are resources available for individuals who need to draft a free tenants in common agreement.

One such resource is LawDepot. This online legal platform offers a customizable tenants in common agreement template that users can fill out and download for free. The template covers essential provisions such as each co-owner`s percentage of ownership, how expenses will be shared, and what happens in the event of a sale or transfer of ownership.

Another option for creating a free tenants in common agreement is to use a state-specific template provided by a legal aid organization. For example, in California, the California Courts website offers a free fillable tenants in common agreement form that complies with state laws. Similarly, the Legal Aid Society of Columbus has a free tenants in common agreement form for Ohio residents.

It`s important to note that while free templates can be a useful starting point, they may not cover all aspects of a co-ownership agreement that are relevant to your specific situation. Hiring an attorney to review and customize a tenants in common agreement may be a wise investment in the long run.

In conclusion, a tenants in common agreement is a crucial tool for co-owners of property. While drafting one may seem daunting, free templates and resources are available to help make the process easier and more accessible. By taking the time to create a clear and comprehensive agreement, co-owners can protect their investment and prevent potential conflicts.