Property Co-Ownership Agreement
This Property Co-Ownership Agreement (the "Agreement") is made on this January 15, 2050 by and between the undersigned parties (the "Co-Owners"), to govern the terms and conditions of their joint ownership of the property located at Austin, TX 73301 (the "Property"). This Agreement outlines the rights, responsibilities, and obligations of each Co-Owner concerning the Property.
Prepared by:
[YOUR NAME]
[YOUR EMAIL]
I. Property Details
The Property subject to this Agreement is located at Austin, TX 73301. It is legally described as Lot 25, Block B, Oak Ridge Subdivision. The Co-Owners have jointly purchased this property as per the details outlined below:
Property Address | Austin, TX 73301 |
|---|
Legal Description | Lot 25, Block B, Oak Ridge Subdivision |
Purchase Price | $500,000 |
Closing Date | March 5, 2050 |
II. Ownership Shares
Each Co-Owner holds a share in the Property as follows:
Co-Owner Name | Ownership Percentage | Contribution Amount |
|---|
[YOUR NAME] | 60% | $300,000 |
Drake Feeney | 40% | $200,000 |
III. Use of the Property
The Property shall be used for the following purposes:
Each Co-Owner will have access to the Property as agreed upon and detailed in Section IV.
IV. Property Access and Usage Schedule
The Co-Owners agree to the following access and usage schedule:
Co-Owner Name | Access Dates | Days of Use per Year |
|---|
[YOUR NAME] | January 1 to July 1 | 180 days |
Drake Feeney | July 2 to December 31 | 180 days |
V. Expenses and Maintenance
Each Co-Owner shall contribute to the following costs related to the Property:
Property Taxes: Paid equally between the Co-Owners, each contributing 50%.
Insurance: Both Co-Owners will share the insurance costs equally, each contributing 50%.
Maintenance and Repairs: Each Co-Owner is responsible for their own share of maintenance based on their percentage ownership.
Expense Type | Total Amount | Co-Owner 1 Contribution | Co-Owner 2 Contribution |
|---|
Property Taxes | $5,000 | $2,500 | $2,500 |
Insurance | $1,200 | $600 | $600 |
Maintenance & Repairs | $3,000 | $1,800 | $1,200 |
VI. Dispute Resolution
In case of any dispute between the Co-Owners, the parties agree to the following steps:
Negotiation: The Co-Owners will first attempt to resolve the dispute through informal negotiations.
Mediation: If the dispute cannot be resolved through negotiation, the Co-Owners will engage a certified mediator to help resolve the issue.
Legal Action: If mediation fails, the dispute will be resolved in accordance with the laws of Florida, and legal action may be taken.
VII. Exit Strategy
Should a Co-Owner wish to sell or transfer their share in the Property, the following procedure will apply:
The Co-Owner wishing to sell must offer their share to the other Co-Owner at a fair market value, as determined by a certified appraiser.
If the remaining Co-Owner declines to purchase the share, the selling Co-Owner may sell to an external party, provided the external party agrees to the terms of this Agreement.
In the event of death or incapacity, the share of the deceased or incapacitated Co-Owner will pass to their heirs or beneficiaries, provided the heirs or beneficiaries agree to be bound by this Agreement.
VIII. Miscellaneous Provisions
Amendments: Any amendments to this Agreement must be in writing and signed by all Co-Owners.
Governing Law: This Agreement will be governed by the laws of Texas.
Entire Agreement: This Agreement constitutes the entire understanding between the Co-Owners and supersedes any prior agreements or understandings, whether written or oral.
IN WITNESS WHEREOF, the parties hereto have executed this Property Co-Ownership Agreement as of the January 15, 2050.
Co-Owner Name | Signature | Date |
|---|
[YOUR NAME] | 
| January 15, 2050 |
Drake Feeney |
| January 15, 2050 |
This concludes the Property Co-Ownership Agreement. If any Co-Owner requires further clarification or adjustments, they should consult with their legal advisor.
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