A Tenants In Common Deed is essential when two or more parties wish to own property together in Singapore while maintaining separate and distinct shares. This document becomes particularly important when co-owners want to specify unequal ownership shares or plan for their share to be passed to their beneficiaries rather than automatically transferring to other co-owners upon death. The deed must comply with Singapore's property laws and should clearly outline ownership percentages, rights, and responsibilities of each party. It's commonly used in family property arrangements, investment partnerships, and situations where multiple parties pool resources to purchase property.
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Key Requirements PROMPT example:
Tenants In Common Deed
"I need a Tenants In Common Deed for a residential property in Singapore where tHRee family members will have unequal shares (50%, 30%, 20%), and one co-owner will be using CPF funds for their portion."
1. Parties: Details of all co-owners including full names, identification numbers, and addresses
2. Background: Context of the co-ownership arrangement and property details
3. Definitions: Key terms used tHRoughout the deed
4. Property Description: Detailed description of the property including lot number, address, and title details
5. Ownership Shares: Specific proportion of ownership for each party
6. Rights and Obligations: Detailed rights and responsibilities of each co-owner
7. Execution: Formal signing section with witness requirements
1. Management Provisions: Specific arrangements for property management when co-owners want to establish specific management rules
2. Sale Provisions: Rules regarding future sale of shares when parties want to establish pre-emptive rights or sale restrictions
3. CPF Usage: Details of CPF funds used when any party has used CPF funds for the purchase
4. Mortgage Details: Information about any existing mortgages when the property is mortgaged
1. Property Title Documents: Copies of relevant title documents
2. Share Distribution Schedule: Detailed breakdown of ownership shares
3. CPF Charge Documents: If CPF funds are used, relevant CPF documentation
4. Property Valuation Report: Current valuation of the property
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