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Tenants In Common Deed Template for Hong Kong

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Key Requirements PROMPT example:

Tenants In Common Deed

"I need a Tenants in Common Deed for a commercial property in Central, Hong Kong, to be shared between three corporate entities with unequal ownership shares (50%, 30%, 20%), including specific provisions for property management and rental income distribution."

Document background
The Tenants In Common Deed is a fundamental legal instrument in Hong Kong property law, used when two or more parties wish to own specific shares in a property without rights of survivorship. This document is essential when co-owners want to maintain separate and distinct ownership interests that can be independently transferred or bequeathed. It is particularly relevant in situations involving family property arrangements, business partnerships, or investment properties. The deed must comply with Hong Kong's Conveyancing and Property Ordinance and related legislation, ensuring proper registration with the Land Registry. It contains detailed provisions about ownership shares, property management, financial obligations, and dispute resolution mechanisms, making it a crucial document for protecting all co-owners' interests and preventing future conflicts.
Suggested Sections

1. Parties: Details of all co-owners entering into the deed

2. Background: Recitals explaining the context of the property purchase and intention to hold as tenants in common

3. Definitions: Definitions of key terms used throughout the deed

4. Property Details: Full legal description of the property including address and lot number

5. Declaration of Co-Ownership: Clear statement of tenancy in common and specification of ownership shares

6. Rights and Obligations: General rights and obligations of co-owners including access, use, and maintenance

7. Property Management: Procedures for decision-making regarding property management and maintenance

8. Financial Obligations: Arrangements for sharing costs, expenses, and liabilities

9. Transfer and Alienation: Rules regarding sale or transfer of shares and right of first refusal

10. Death of Co-Owner: Provisions dealing with succession of ownership shares

11. Dispute Resolution: Procedures for resolving disputes between co-owners

12. Governing Law: Specification of Hong Kong law as governing law

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Mortgage Provisions: Required if the property is subject to a mortgage, detailing responsibilities for mortgage payments

2. Occupation Agreement: Required if co-owners have specific arrangements about who occupies the property and when

3. Rental Income: Required if the property will be rented out, detailing how rental income will be shared

4. Property Manager: Required if a professional property manager will be appointed

5. Insurance: Required if specific insurance arrangements need to be detailed

6. Buy-Out Provisions: Optional section detailing specific procedures for one owner buying out others

7. Special Use Provisions: Required if certain areas of the property are designated for exclusive use

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries, easements, and registered interests

2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership shares and any special conditions attached to specific shares

3. Schedule 3 - Financial Contributions: Initial financial contributions of each co-owner and agreed sharing ratios for expenses

4. Schedule 4 - Management Rules: Detailed rules for property management and maintenance

5. Appendix A - Property Plans: Floor plans and property layout drawings

6. Appendix B - Valuation Report: Copy of property valuation report if relevant to share allocation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































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Relevant Industries

Real Estate

Property Management

Legal Services

Banking & Finance

Property Development

Investment

Professional Services

Construction

Relevant Teams

Legal

Real Estate

Property Management

Corporate Services

Conveyancing

Investment

Private Client Services

Documentation

Risk Management

Compliance

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Legal Counsel

Conveyancing Manager

Property Investment Manager

Bank Manager

Mortgage Specialist

Estate Planning Advisor

Property Investment Analyst

Real Estate Partner

Corporate Lawyer

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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