Affidavit of Co-Ownership

Affidavit of Co-Ownership

I. Introduction

This Affidavit of Co-Ownership is made and entered into by the undersigned parties to outline their rights and responsibilities as co-owners of the specified property. This document serves as a formal declaration of ownership and establishes the terms agreed upon by both parties.

II. Parties Involved

The following parties are co-owners of the property:

  • Co-Owner 1: [YOUR NAME]

  • Co-Owner 2: Philip Mitchell

  • Additional Co-Owners: Etha Lehner (if applicable)

III. Property Description

The property subject to this Affidavit of Co-Ownership is described as follows:

  • Address: Baltimore, MD 21201

  • Legal Description: Lot 8, Block 3, Maple Heights Subdivision, as recorded in Book 112, Page 45 of the Maricopa County Official Records.

  • Property Identification Number (PIN): 1234-5678-9101

IV. Terms of Co-Ownership

A. Ownership Shares
The ownership interest of each party in the property is as follows:

  • Co-Owner 1: 50%

  • Co-Owner 2: 40%

  • Additional Co-Owners: 10% (if applicable)

B. Rights and Responsibilities

The co-owners agree to the following rights and responsibilities:

  • Each co-owner has the right to occupy, utilize, and enjoy their share of the property.

  • Each co-owner is responsible for their proportionate share of property expenses, including but not limited to taxes, maintenance, and repairs.

  • All co-owners agree to make decisions regarding the property collectively, with major decisions requiring unanimous consent.

C. Transfer of Ownership

Should any co-owner wish to transfer their interest in the property, the following conditions apply:

  • Notice must be provided to all co-owners.

  • Remaining co-owners have the right of first refusal to purchase the interest.

  • Transfers must comply with applicable laws and regulations.

V. Dispute Resolution

In the event of a dispute arising from this co-ownership agreement, the parties agree to seek mediation before pursuing legal action. Arbitration may be sought if mediation does not resolve the issue.

VI. Declaration

We, the undersigned, declare under the penalty of perjury under the laws of Baltimore, MD 21201 that the foregoing is true and correct, and we agree to abide by the terms outlined in this Affidavit of Co-Ownership.

VII. Signature

[YOUR NAME]

Philip Mitchell

Etha Lehner

Notary Public
My commission expires: November 18, 2064

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