Joint ownership agreement: holiday property

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.

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About this document

This fractional ownership agreement covers any situation where two or more 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 or more individuals or 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
  • Detailed management structure ordered by annual meetings of the owners, possibility of proxy voting, and more
  • Undertakings by the parties
  • Alternative exit strategies to allow for a share to be sold to a third party, after offering it to all other owners
  • Effect of termination
  • What if someone wants to sell his share or sell the property
  • Other legal provisions to protect your interest
  • Explanatory notes
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current New Zealand law.

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