You can use this document when a property is purchased by a number of friends or relatives together, if a property has been given to a certain number of people or relatives to own it together, or to formalize an existing condominium agreement. Use our land ownership agreement model to quickly compile a document detailing each party`s rights to the use of the property, the taxes or royalties for which it is responsible and the maintenance they must perform. Click here for a co-ownership agreement for example, Boston real estate lawyer Kathleen M. O`Donnell was designed to answer the fundamental questions of common ownership. The agreement is mentioned in O`Donnell`s article “Co-Ownership Agreements for Multigenerational Households: One Approach,” which appears in the May 2014 issue of the ElderLaw report. In this article, O`Donnell suggests that such an agreement could be amended to support multigenerational ownership of a home. Specific conditions for the termination of the contract are recorded in the later section of the contract. This includes the different situations that can arise when a co-owner violates the purposes of the contract. It is just as important to have terms of termination of the contract as it is to encourage the performance of the contract.

The application of this type will protect the parties concerned in the event of a disagreement in the future due to an infringement. Keep in mind that this agreement is a legal document that is under the control of state laws used to interpret them. The co-owner of a property is a great way to increase your real estate stocks. Below are some important points and provisions that you need to understand before entering into a land ownership agreement. Each party is entitled to all the benefits and obligations arising from the ownership of the property. In practical terms, if you`re wondering who`s the richest real estate company in America, it`s Donald Bren. This man began developing his property in 1977 in partnership with other investors. Over time, Bren purchased all parts of his partners and became the sole shareholder of the Irvine company. According to Forbes, Bren owns a total of 115 million square meters of land in Southern California. Of course, this rich man did not accomplish all this without using a property contract. Everything must have been documented, otherwise he would not be entitled to such a fortune. This document can be used to create a condominium for a property.

It can be used and modified for up to four co-owners to reflect ownership of equal shares, fixed shares and variable shares, to reflect the financial contribution of each co-owner to the property. The document also provides for a pre-emption right in favour of other co-owners when a co-owner wishes to sell his share. This model of agreement is comprehensive and comprehensive and is intended to protect the parties in the event of unforeseen events or disagreements, as well as after death. It is simply designed in English to easily understand and customize. The agreement covers eighteen pages and contains a detailed table of materials for the simple reference. Another important point to note is that once you enter into a land-use agreement, no party can individually enter into an agreement on the property that can make commitments from the other party, unless otherwise stated. Note that this contract form is not suitable for use if an owner resides in the property. It is also unsuitable for situations in which the property is owned by a limited liability corporation (an “LLC” that requires an LLC enterprise agreement), a limited partnership (a single limited partnership, which requires a limited partnership and a limited partnership) or a corporation (which requires corporate status and, in general, a shareholder agreement).