Create Alaska Tenants in Common Agreement
    Alaska Tenants in Common Agreement

    Alaska Tenants in Common Agreement

    Real estateHome ownership
    The Alaska tenants in common (TIC) agreement is a contract where two or more people set out their legal ownership rights, obligations, and terms of property management. Since many people choose to share real estate costs, a TIC agreement can help individuals buy a property for a lower price. This agreement can outline what percentage of legal partition each tenant owns or who will inherit the tenant’s shares upon his or her death. Download a printable tenants in common agreement sample from Lawrina and edit the form to your desired terms.
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    Template Description

    What Is Tenancy in Common in Alaska?

    Tenancy in common in Alaska is the legal partnership between individuals who wish to share the property percentage due to its huge price. Tenants in common are not necessarily family members, and may not always reside in the property. The estate to share can vary from an ordinary house to a vacant land. 

    Alaska tenancy in common agreements are the best option to establish tenancy rights and avoid any disputes and lawsuits regarding property ownership. 

    How Tenancy in Common Works in Alaska 

    Tenancy in common implies that each tenant owns his or her right to the property that he or she establishes and agrees with other parties, according to state laws. The tenants in common do not necessarily have equal shares as it depends on the tenant’s income and purposes of the property. The amount of share equals the expenses that tenants have to pay for the property. For example, if a person owns 25% of the estate, he or she should pay 25% of the total amount for the property purchase.

    Tenants can shift their shares with other co-owners as much as they like. Or they can transfer their interests to third parties and do not need the other tenants’ consent to it, although the latter should agree to the new ownership share. Nevertheless, tenants in common are not eligible to claim other tenants’ shares as their own. 

    Another form of property co-ownership is joint tenancy. One of the main differences between joint tenancy and common tenancy is that after a tenant’s death, the interest can be transferred to another tenant in the first case. Tenants in common can share their ownership with the beneficiaries they will mention in their last will and testament. Even if the person passes away without any will, the ownership rights go to their heirs.

    There are cases when tenants in common should share their liabilities in case of unforeseen circumstances and legal issues. These are partition, lawsuits, and creditors.

    • Partitions occur when tenants could not agree on specific tenancy regulations or changed their minds during the common tenancy period. Here, co-owners should reach out to real estate or estate planning attorneys who can provide adequate legal advice as soon as possible.
    • Tenants may end up in courts if a person living or working on their property was injured and filed a lawsuit against them. In this case, the property co-owners share their responsibility, and they should defend their legal rights.
    • Creditors may be referred by court to satisfy a tenant’s loan, and the other tenants are also forced to sell their shares. Unless the loan is paid off, there is little that tenants can do to avoid the tenancy termination process.

    To mitigate all common tenancy disputes and risks, it is best for the parties to draft the Alaska tenancy in common agreement sample, negotiate unclear issues and terms, then sign it to make the document legally enforceable. 

    Using a Tenancy in Common for Strategic Estate Planning in Alaska

    Estate planning management plays a significant role in establishing common tenancy in Alaska. First of all, transferring the property assets to the party’s heirs, as a tenant in common, can help manage the heir’s rights for the estate and remove them from ownership without selling the whole place. In joint tenancy, all the parties’ rights are equal so they would need to sell the whole property.

    When citizens live under common tenancy conditions, they would pay lesser estate taxes than joint tenants. The reason is that co-owners have flexible interest percentages when sharing the property, unlike joint tenants who have their property rights divided equally.

    To learn more about common tenancy in Alaska, see the current tenancy standards in the U.S.

    How to Write a Tenants in Common Agreement in Alaska

    Below consider these requirements to create an up-to-date and compliant Alaska tic agreement template.

    Coordinate with the counterpart

    When investors or sponsors have found a reliable tenant who agrees to share the property, it is recommended to arrange a meeting and discuss the tenancy terms and conditions before both parties sign the Alaska tic agreement. When all matters are explained and established, the chances to dispute the agreement in the future are low.

    Negotiate essential terms of the contract

    Here are the critical details both parties should cover during negotiations: 

    • The property information, including its address and purpose;
    • The property payment and the share of each tenant based on the estate fee;
    • The tenancy duration.

    They will form the essence of the Alaska tenancy in common agreement sample.

    Create the Alaska tenants in common agreement template

    This legal document commonly includes the following clauses:

    • Introduction. This section should have the contact information of all parties, the date of signing the document, and a clear statement that it’s the “Alaska tenants in common agreement”.
    • Recitals. Here, the parties should describe the property they are going to purchase and share, plus the interest percentage of each party regarding the place.
    • Tenancy term. Overall, tenancy starts on the same day the TIC agreement is signed and expires when co-owners sell their property.
    • Payments. This clause mentions the initial fee for the property to share, states payment methods that parties will use, and describes how the tenants will divide their shares.
    • Governing law. The tenants in common agreement sample should comply with Alaska state legislation.
    • Indemnification clause. It explains the compensation a party will receive if the other party or third parties will harm it.

    Introduce the ready template to the other parties

    When a party has finished drafting the Alaska tenants in common agreement template, it should provide the other parties with the copy template. If it is error-free and all the scope of the document is clear to everybody, the co-owners can sign the agreement.

    Joint Tenancy & Tenants in Common Alaska Law Similarities

    Joint tenancy is a form of ownership that provides equal tenants’ rights for the property but it varies from tenancy in common across the U.S. Below see the differences between tenancy in common and joint tenancy and their limitations in Alaska.

     

    Tenancy in Common

    Joint Tenancy

    Number of transfers

    Multiple transfers can occur between tenants without losing their co-ownership rights.

    One transfer is required to state that the deal is “joint tenancy” and cannot be the other forms of ownership.

    Ownership interest

    Each tenant can possess various interests in the estate.

    Each tenant should have equal shares of the property.

    Conveyance

    Individuals can transfer their ownership to any person whenever they wish.

    Ownership transfer may affect the agreement on joint tenancy between parties.

    Transfer upon death

    Any co-owner can transfer their share to a beneficiary mentioned in their last will.

    The ownership of the deceased tenant goes to a survived tenant, and no probate or other legal procedure is required. 

    Property Taxes Under Alaska Tenancy in Common

    Even if individuals have signed the Alaska tenants in common agreement, pdf-formatted to protect all the contract data, they will receive a single property tax bill. Unfortunately, the IRS cannot split it into separate bills so each of the tenants is responsible for paying the property tax.

    Tenants in Common Agreement Template (PDF File)

    Tenants in common or their sponsors can create their Alaska tenancy in common agreement sample on Lawrina. It is easy to find through the search and start working with it immediately.

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    Frequently Asked Questions

    How do tenants in common work in Alaska?

    Tenancy in common is a legal agreement where two or more tenants share the ownership of a specific property. Each owner may own different-sized interests in the property, but all of them have equal rights to the entire property. 

    Any of the co-tenants can sell their share at will. On the death of one of the tenants, their share of the property will fall into their estate. A lender will likely require all tenants in common to sign the mortgage.

    Does a tenant in common have to pay rent in Alaska?

    A tenant in common does not have to pay rent to the co-tenant. Each tenant in common has the equal right to possession of the property. The general rule is that if one co-tenant is in exclusive control of the property because the other co-tenant allows them to possess the property alone, the co-tenant in possession of the property does not have to pay rent to the co-tenant. However, typical homeownership responsibilities apply, like maintenance and mortgage payments. These expenses are to be shared by all of the tenants.

    Can tenancy in common be dissolved in Alaska?

    Tenancy in common can be dissolved in the following instances:

    • When one co-tenant acquires the title by buying out the interests of the other tenants.
    • Sell the property and split the profits according to their ownership share. All co-tenants must agree to sell the property in this situation.
    • File for a partition in court dissolves the relationship.