Co Ownership Agreement Template

Disclaimer

The information provided is intended solely as a general example for drafting shared ownership arrangements. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in property, partnership, or contractual law. Laws and regulations may vary depending on the jurisdiction, and adjustments may be required to ensure compliance with local requirements. The use of this example is the sole responsibility of the user, and we assume no liability for any errors, omissions, or consequences arising from its use without professional review.

Please note: this sample Co-Ownership Agreement is for illustrative purposes only and may vary depending on specific circumstances and applicable laws. Customize details accordingly.

Co-Ownership Agreement Sample

Parties Involved:

Owner 1: Alice Johnson
Address: 789 Maple Street, Springfield, IL 62704

Owner 2: Bob Williams
Address: 1010 Oak Avenue, Springfield, IL 62705

Description of the Property:

The property subject to this agreement is a residential unit located at 789 Maple Street, Springfield, IL 62704, including any fixtures, appliances, and shared common areas associated with the property.

Ownership Shares:

Owner 1 holds a ____% interest, and Owner 2 holds a ____% interest in the property. Ownership percentages are based on the initial investment or agreement of the parties.

Contributions and Expenses:

Each owner shall contribute to the purchase price and ongoing expenses proportionally to their ownership interest, unless otherwise agreed. Expenses include taxes, maintenance, insurance, and other related costs.

Use and Possession:

Owners shall have equal rights to possess and use the property unless otherwise stipulated. Decisions regarding the property shall be made jointly.

Transfer of Ownership Interests:

Any transfer or sale of ownership interests shall require the prior written consent of the other owner(s). Right of first refusal shall be granted to existing owners.

Dispute Resolution:

Disputes arising under this agreement shall be resolved through mediation. If unresolved, disputes shall be subject to binding arbitration in Springfield, IL.

Additional Provisions:

• Any modifications to this agreement must be in writing and signed by all parties.
• Owners agree to maintain the property in good condition and handle repairs equitably.
• Legal or tax advice should be obtained to ensure compliance with applicable laws.

Springfield, _______________