Residential Co-Ownership Agreement

Condominium agreements should be developed in a wide range of property scenarios, including between friends, family members, business partners, investors, spouses, roommates and business entities such as businesses or partnerships. If you would like to discuss the creation of a co-ownership agreement and/or the development of a condominium agreement, please contact us. We work with you to tailor the condominium plan to your needs and protect your interests. You`ll find out more about our intermediation and real estate services. This is important to include in your legal agreement. The necessary timetable for mortgage payments, other payments such as invoices and taxes should all be included in the legal agreement. By signing the agreement, all partners commit each other to fulfilling their financial obligations. This means that in the event of a failure, a remedy is available, even if you don`t need to use it. Lenders do not recognize break mortgages. If four people are involved in the mortgage and the title, the bank considers them all in the same way responsible for the mortgage. If the mortgage is cancelled because of one person, it can affect everyone. 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. Some partners may wish to leave the agreement in the future due to changes in life or other circumstances. The co-owners must agree on how and when to sell the property in case of such things. There must be clear answers and clear direction in the legal agreement. If a co-owner wishes to leave the property for a longer period of time, does this trigger a particular event of the sale or sale of his share? What will happen to a co-owner if he has not fulfilled his obligations? What are the events that trigger the sale of the property as a whole? Don`t leave these questions so little or not at all ambiguous. Everyone has to be on the same side for any kind of exit strategy. A co-ownership agreement will break down important elements between the co-owners, such as exit strategies, home rules and regulations, and monthly financial commitments of all parties. On the other hand, a marriage contract deals with issues specific to the life partner, such as compensation on your part in the property during separation and provisions of trust between you and your life partner, in case a life partner is not placed on the title of the property.

In the future, the co-owners may want to leave on their own.

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