Our readily available real estate joint ownership agreement is a comprehensive document that you can download, edit, and customize as per your requirements.
Whether you are looking for a shared property agreement template or a joint property contract sample, our free co-ownership contract suits various property sharing situations.
Say goodbye to misunderstandings with our easy-to-adapt, free property sharing agreement, designed to cater to your shared real estate ownership needs.
1. IDENTIFICATION OF CO-OWNERS[INSERT CO-OWNER NAMES] referred to hereafter as the “Co-Owners” which expression shall where the context so admits include their legal representatives and assigns of the one part.
2. DESCRIPTION OF THE PROPERTYThe property to be co-owned is legally described as follows: [INSERT LEGAL DESCRIPTION OF THE PROPERTY].
3. OWNERSHIP INTERESTThe Co-Owners own the Property as follows: [INSERT OWNERSHIP INTERESTS].
4. DIVISION OF EXPENSESCo-Owners agree to share in the expenses of the Property, including but not limited to, taxes, insurance, assessments, and maintenance costs, in proportion to their ownership interests.
5. ALLOCATION OF PROFITS AND LOSSESProfits and losses resulting from the property will be distributed in accordance with the Co-Owners’ respective ownership interests.
6. MANAGEMENTDecisions regarding the management of the property will be made by majority vote of the Co-Owners, with each Co-Owner having one vote.
7. SALE OF PROPERTYThe property may be sold by mutual agreement of the Co-Owners, who will share the proceeds of any sale in proportion to their ownership interests.
8. TRANSFER OF OWNERSHIP INTERESTA Co-Owner may not transfer his or her ownership interest without the prior written consent of the other Co-Owners.
9. RESOLUTION OF DISPUTESDisputes between the Co-Owners regarding the property or this Agreement will be resolved by mediation, or if mediation is unsuccessful, by binding arbitration.
10. GOVERNING LAWThis Agreement will be governed by and interpreted in accordance with the laws of the state of [INSERT STATE].
11. ENTIRE AGREEMENTThis Agreement, including any attachments or addenda, constitutes the entire agreement between the Co-Owners and supersedes all prior discussions, negotiations, and agreements, whether oral or written. [INSERT ANY ADDITIONAL CLAUSE OR STATE LAW]
SIGNATURESThe Co-Owners have executed this Agreement as of the date first above written. [INSERT CO-OWNER NAMES] [INSERT SIGNATURES] [INSERT DATE]
Note: This Agreement must be revised or amended by an attorney to comply with the laws of the specific state in which the property is located.
Navigating property ownership arrangements can be complex. That’s why, similar to the Property Co-Ownership Agreement Template, Clauseclip provides various agreement templates to help you manage your properties efficiently. If you are leasing a residential property, the Assured Shorthold Tenancy Agreement template might be more suitable. This template is designed to provide landlords and tenants with a clear agreement that protects the rights of both parties, similar to co-ownership agreements.
Unique scenarios call for specialized contracts. Perhaps you’re looking to set up an arrangement with a relative where they live in a separate dwelling on your property. In such cases, a Granny Flat Agreement template can come in handy. This document outlines the terms and conditions of such an agreement relating to privacy, rent, and utilities, amongst others.
Another instance where you might require a different kind of agreement is when you have the option to buy a property at a later stage. An Option to Purchase Agreement template can provide you with the legal framework for such an arrangement. This agreement specifies the terms and conditions under which the prospective buyer can exercise their right to buy.
Of course, there are also instances when you might need to end an existing lease agreement earlier than planned. In this case, an Early Termination of Lease Agreement template is a vital resource that ensures both parties understand the conditions surrounding early termination. Property co-ownership often involves some form of leasing, making this template particularly relevant!