Joint ownership agreement: residential property; two owners
Where all the owners occupy the property at the same time
About this document
This agreement covers any situation where three or more people or sets of people share ownership and use of a house, flat, bungalow, cottage or other property for permanent occupation. The agreement is designed to regulate occupation where all the owners occupy the property at the same time and the property’s occupation is shared by area. This agreement is suitable not only for situations where, for example, each owner has the exclusive right to use a bedroom and shares the use of all other rooms, but also for virtual flats where, for example, each owner has the exclusive right to use a bedroom, living room, kitchen and bathroom and the only shared area is the entrance hall.
First, you should consider what the most suitable structure for your sharing proposal is.
Application
and features
Comprehensive fractional ownership document for any type of property: flat, apartment, house, bungalow and so on
Sensible and practical provisions for shared ownership
Written in plain English
Explanatory notes to guide you
Contents
Terms of beneficial interest - beneficial trusts provision
Price and payment for the Property
How the parties will use the Property
How expenses will be paid
Who and how will manage payment of expenses
Undertakings by the parties
Alternative exit strategies
Effect of termination
What if someone wants to sell his share or sell the property
Many other legal provisions
Word
Count (approximate):
Document: 2665
words
Explanatory notes:
855
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
