Co Ownership Agreement
Co-Ownership Agreement
This Co-Ownership Agreement ("Agreement") is hereby entered into on this [Date], between [Your Name], duly authorized legal advisor, and [Co-owner Name], co-owner (collectively referred to as the "Parties").
1. PROPERTY DESCRIPTION
The property to be shared is located at [Your Company Address], legally described as [Legal Description] (the "Property"). The Property includes structures such as [Building Types] and an expanse of land measuring approximately [Land Size].
2. OWNERSHIP
The Parties agree to share ownership of the Property. [Your Name], as the legal advisor, owns [Your Ownership Percentage] of the Property. [Co-owner Name], as co-owner, owns the remaining [Co-owner's Ownership Percentage]. Any profit, loss, or expenditure will be shared according to these ratios unless stated otherwise in this Agreement.
3. MAINTENANCE AND REPAIR
Both Parties agree to share responsibility for the maintenance, repair, and improvement of the Property according to their respective percentages. Each Party is obligated to maintain and protect their interest and the overall Property value.
4. SALE OF PROPERTY
If either Party wishes to sell its interest in the Property, the other Party has the right of first refusal to purchase the ownership interest. The price should be mutually agreed upon by the Parties or decided by a professional appraiser.
5. DISPUTE RESOLUTION
Any disputes arising out of or connected with this Agreement will be resolved first through good faith negotiations between the Parties. If the dispute cannot be resolved, it will be subject to arbitration following the Arbitration Rules.
6. USE OF THE PROPERTY
The Parties agree to use the Property for [Intended Use]. This may include residential, commercial, agricultural, or other specified purposes. Any significant changes to the use of the Property must be agreed upon by all co-owners.
7. EXPENSES AND COSTS
All expenses related to the ownership, maintenance, and operation of the Property shall be shared proportionally based on each co-owner's ownership percentage. This includes but is not limited to property taxes, insurance premiums, utilities, repairs, and renovations.
8. DECISION-MAKING
Major decisions regarding the Property, including but not limited to renovations, alterations, leasing arrangements, and sale of the Property, shall be made by mutual agreement of all co-owners. In the event of disagreement, a voting mechanism may be implemented, with each co-owner's vote weighted according to their ownership percentage.
9. INSURANCE
The Parties agree to maintain adequate insurance coverage for the Property, including but not limited to property insurance, liability insurance, and any other necessary coverage. Insurance premiums shall be shared proportionally based on each co-owner's ownership percentage.
10. DEFAULT AND TERMINATION
In the event of default by any Party in fulfilling their obligations under this Agreement, including failure to pay expenses or maintain the Property, the non-defaulting Party may pursue legal remedies, including but not limited to seeking reimbursement for expenses or seeking a court order for the sale of the defaulting Party's ownership interest.
11. NOTICE
Any notices or communications required or permitted under this Agreement shall be in writing and delivered personally or sent by certified mail to the respective addresses of the Parties as indicated in this Agreement.
12. AMENDMENTS
Any amendments or modifications to this Agreement shall be in writing and signed by all co-owners to be valid and enforceable.
By signing below, each of the Parties acknowledges that they have read, understand, and agree to be bound by the terms of this Agreement.
[YOUR NAME]
[DATE SIGNED]
[CO-OWNER NAME]
[DATE SIGNED]
