Agreement to Convert Joint Tenancy (JT) to Tenancy in Common (TIC)
AGREEMENT
Agreement made, effective [date of agreement], between [name of first party], of [address of first party], and [name of second party], of [address of second party].
RECITALS
The parties to this agreement desire that the property, both real and personal, now owned by them in joint tenancy and not as tenants in common be converted and held by them as tenants in common, and not as joint tenants with right of survivorship.
In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows:
SECTION ONE.
OWNERSHIP RIGHTS
It is agreed that from and after the effective date of this agreement all the real and personal property owned by the parties to this agreement, whether presently held in joint tenancy by the parties, or presently owned by either of the parties in that party's own name, shall be owned by each of the parties as follows:
An undivided [percentage]% interest shall be the separate property of [name of first party], and [name of second party] assigns and transfers to [name of first party] all of such transferor's right, title, and interest in and to such undivided [percentage]% interest in the same.
An undivided [percentage]% interest shall be the separate property of [name of second party], and [name of first party] assigns and transfers to [name of second party] all of such transferor's right, title, and interest in and to such undivided [percentage]% interest in the same.
SECTION TWO.
CONVEYANCES
The parties further agree to execute and deliver any deed or other instrument, and to do any act, necessary to effectuate this agreement.
SECTION THREE.
GOVERNING LAW
This agreement shall be governed by, construed, and enforced in accordance with the laws of [state].
SECTION FOUR.
ASSIGNMENT OF RIGHTS
The rights of each party under this agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party.
Each party to this agreement has caused it to be executed at [place of execution] on the date indicated below.
______________________________ [Signature(s) and date(s) of signing]
END OF DOCUMENT
