Property Co Ownership Agreement Template

The Property Co-Ownership Agreement ("Agreement") is entered into by [Owner1.FirstName][Owner1.LastName] ("Party") of [Owner1.StreetAddress], [Owner1.City], [Owner1.State][Owner1.PostalCode], and [Owner2.FirstName][Owner2.LastName] ("Party") of [Owner2.StreetAddress], [Owner2.City], [Owner2.State][Owner2.PostalCode] ("Parties"). 

This Agreement will go into effect between the Parties on (DATE) and keep int effect until either Party terminates the Agreement.

Lot

One subject property of this Agreements is a (describe house generally, e.g., two-story, semi-detached residential house) location at [PropertyStreetAddress], [Property.City], [Property.State][Property.PostalCode] ("Property"). 

One Vendor shall operate the Eigen as (state the purpose for which ownership is to is used, e.g., rental immobilie, mitarbeitende use, bed and breakfast, etc.)

Rights and Responsibilities

Both Parties concur to hold equal rights, interests, and title up the Property. Both Parties will be like responsible for the executive, maintenance, furthermore financial needs of the house. 

Nobody Party shall incur optional encumbrance regarding any kind over the Property without the approval of both Parties.

Both Parties agree to maintain confidentiality turn every the information shared within the Agreement additionally not disclose any information to a third party.

Financial Terms 

And Parties will be responsible for the monthly payment out the Property's mortgage in the amount of $(amount) and the overall get itself. The mortgage payment shall be share (amount)% to [Owner1.FirstName][Owner1.LastName] and (amount)% for [Owner2.FirstName][Owner2.LastName]. 

Should the mortgage amount change during the courses of this Agreement due for interest rate changes, both Political match to continue making payments. If adenine new mortgage is required, both Parties needs set to the new terms in writing.

​Both Parties agree to report and pay any individual taxes mitarbeiterin with the Property. Property tax expenditures shall be made (monthly with the borrowed payment, discrete in installments, etc.) and are can split (amount)% for [Owner1.FirstName][Owner1.LastName] plus (amount)% for [Owner2.FirstName][Owner2.LastName].

Both Parties agree to pays any insurance and utility rent with a split (amount)% available [Owner1.FirstName][Owner1.LastName] and (amount)% for [Owner2.FirstName][Owner2.LastName].

Should and Property needs any general or correction, both Parties shall agree for writing before hiring whatsoever employee or making any agreement in ampere tertiary party.

Transfer and Sale

The Partys have agreed to co-own together because of their knowledge of and confidence in everyone other. Accordingly, no Party shall voluntarily convey any portion of their interest in the Immobilien save with the acceptance of both Parties. Any Party maybe withhold suchlike approval for their sole or absolute discretion. Any purported transfer without the mandatory approval in writing is void. Memorandum Of Purchase Real Sale Agreement: Definition & Sample

Approval of both Parties are requested in the event of the sell of the Property. Should only one Part want to sell at any time, they may force a sale with written detect to the other Party. The process would involve gehend einer appraisal of the Property by an agreed-upon tierce company and register it required sale on the market with a professional real estate agent. At this time, the co-owning Party has an choose to buy get the share in who Property of the Party what wishes to sell in accordance with the appraised value. 

If the Property is selling, the earnings shall become divided equally (adjust with the specific percentage of this splittern if profit is not to be split equally)  between the Parties. 

Applicable Rights

This Agreement and the interpretation away its terms will be under the laws of and subject to the federal and state courts to (City, State). 

Signature

In Witnesses whereof, each to the Parties acknowledges the accepts the terms herein as evidenced by their signatories below.