Co-Ownership Contract
CO-OWNERSHIP CONTRACT
I. Parties Involved
This Co-Ownership Contract ("Contract") is made and entered into on [Date] by and between:
I.1 Co-Owner 1: [Name of Co-Owner 1], residing at [Address of Co-Owner 1] (hereinafter referred to as "Co-Owner 1").
I.2 Co-Owner 2: [Name of Co-Owner 2], residing at [Address of Co-Owner 2] (hereinafter referred to as "Co-Owner 2").
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II. Property Description
II.1 Description of the Property
The parties agree to co-own the following real property ("Property"):
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Property Address: [Address of the Property]
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Legal Description: [Legal Description of the Property]
III. Percentage Ownership
III.1 Allocation of Ownership
The parties shall own the Property as follows:
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Co-Owner 1: 50% ownership.
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Co-Owner 2: 50% ownership.
IV. Rights and Responsibilities
IV.1 IV.1 Co-Owners' Rights
Each co-owner shall have the right to occupy and use the Property by their ownership percentage, subject to the terms of this Contract.
IV.2 Shared Responsibilities Both co-owners shall be responsible for:
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Paying property taxes.
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Maintaining insurance coverage.
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Contributing to necessary repairs and maintenance expenses.
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Complying with any applicable homeowner association rules and regulations.
V. Decision Making
V.1 Major Decisions
Major decisions regarding the Property, including but not limited to:
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Sale of the Property.
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Renovation or major repairs.
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Refinancing.
shall require the mutual agreement of both co-owners.
V.2 Routine Decisions
Routine decisions, such as minor repairs and maintenance, may be made by either co-owner without the consent of the other, provided that the decision is reasonable and necessary for the upkeep of the Property.
VI. Dispute Resolution
VI.1 Mediation Process
In the event of a dispute between the co-owners that cannot be resolved amicably, the parties agree to engage in mediation before pursuing any legal action.
VI.2 Arbitration Procedure
If mediation is unsuccessful, any unresolved disputes shall be resolved through arbitration by the laws of [Jurisdiction].
VII. Transfer of Ownership
VII.1 Restrictions on Transfer
Neither co-owner shall transfer or sell their ownership interest in the Property without the prior written consent of the other co-owner.
VII.2 Right of First Refusal
If one co-owner wishes to sell their ownership interest, the other co-owner shall have the first right of refusal to purchase the interest at fair market value.
VIII. Governing Law
This Contract shall be governed by and construed by the laws of [Jurisdiction].
IX. Entire Agreement
This Contract constitutes the entire agreement between the parties concerning the co-ownership of the Property and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date first above written.
[YOUR NAME]
[DATE SIGNED]
[YOUR NAME]
[DATE SIGNED]
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