Joint ownership agreement: residential property

Comprehensive agreement to regulate the terms of property ownership where parties own and occupy the property at the same time.

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About this document

This agreement covers any situation where two or more 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
Draftsman

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

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