Condo Co Ownership Agreement

Are you considering purchasing a condominium unit with another person? If so, it`s important to have a co-ownership agreement in place to outline the rights and responsibilities of each owner.

A condo co-ownership agreement is a legal document that sets out the terms of ownership between two or more individuals. This contract outlines the responsibilities and rights of each owner, including sharing expenses, managing the property, and making decisions about the condo.

When drafting a condo co-ownership agreement, it`s essential to include the following key elements:

1. Ownership percentage – The agreement should clearly specify the percentage of ownership for each individual. This will help in determining the distribution of profits, losses, and expenses.

2. Responsibilities and duties – The agreement should outline the specific obligations of each co-owner. This may include maintaining the property, paying utility bills, and making decisions on behalf of the property.

3. Decision making – The agreement should detail how decisions will be made between the co-owners. This may include a voting requirement or a designated decision-maker for specific issues.

4. Dispute resolution – The agreement should also outline how disputes between co-owners will be resolved. This may include mediation or arbitration.

5. Termination – The agreement should specify the circumstances under which the co-ownership agreement can be terminated, such as a sale of the property or one co-owner buying out the other.

A well-drafted condo co-ownership agreement can help prevent conflicts and misunderstandings between co-owners. Before finalizing the agreement, it`s essential to have it reviewed by a qualified attorney to ensure that all legal requirements are met.

In conclusion, purchasing a condo with another person can be a great way to split the costs and responsibilities of owning property. However, it`s crucial to have a co-ownership agreement in place to protect each co-owner`s interests and lay the groundwork for a successful and harmonious partnership.