Joint ownership agreement: holiday property; two owners
A shared property purchase agreement suitable where
generally only one owner occupies the whole of the
property at any one time. Most suited where the owners use
the property for holidays and weekend breaks
About this document
This fractional ownership agreement covers any situation where two people or sets of people share ownership and use of a house, flat or other property for holiday occupation. The agreements are designed to regulate occupation where only one owner occupies the whole of the property at any one time. However, there is nothing to prevent more than one owner occasionally using the property at the same time.
First, you should consider the most suitable structure for your sharing proposal.
Application
and features
Suitable for ownership and use of a house, flat or other property for holiday occupation
Not suitable for a business letting, a lease of more than three months or a residential letting
An all in one legal agreement - includes the declaration of trust (trust deed) as well as details about the sharing arrangement
Two individuals or two sets of people (two couples, two families) purchase together
Comprehensive yet flexible – you edit out what doesn’t apply to you
Complete with notes in plain English
Contents
Terms of beneficial interest - beneficial trusts provision
Price and payment for the Property
How many people allowed into occupation at one time and who they may be
Who and how will manage payment of expenses
Management of the property
Undertakings by the parties
Alternative exit strategies
Effect of termination
What if someone wants to sell his share or sell the property
Other legal provisions to protect your interest
Explanatory notes
Word
Count (approximate):
Document: 2830
words
Explanatory notes:
1230
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
