Free Home Ownership Agreement Template

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Free Home Ownership Agreement Template

Home Ownership Agreement

This Home Ownership Agreement (“Agreement”) is made and entered into by the co-owners listed below, effective as of January 1, 2050, with respect to the jointly owned property located at Fresno, CA 93701. The purpose of this agreement is to outline the responsibilities, rights, and obligations of each co-owner.

Prepared by: [YOUR NAME]
[YOUR EMAIL]


I. Parties Involved

The parties involved in this Home Ownership Agreement are:

  1. Co-owner 1: Tracey Gleason

    • Address: Fresno, CA 93701

    • Email: tracey@you.mail

  2. Co-owner 2: Kitty Johns

    • Address: Sacramento, CA 94203

    • Email: kitty@you.mail

The aforementioned individuals agree to share ownership of the property as described above, under the terms and conditions outlined in this agreement.


II. Ownership Shares

The ownership of the property shall be divided as follows:

Co-owner Name

Ownership Percentage

Tracey Gleason

60%

Kitty Johns

40%

This division represents the respective financial contributions of the co-owners towards the purchase price of the property.


III. Financial Responsibilities

Each co-owner agrees to contribute to the financial upkeep of the property according to the following terms:

Expense Category

Tracey Gleason’s Contribution

Kitty Johns’s Contribution

Mortgage Payments

60%

40%

Property Taxes

60%

40%

Insurance

60%

40%

Maintenance and Repairs

60%

40%

The co-owners will ensure that all payments are made promptly by the agreed-upon dates.


IV. Use and Occupancy of Property

Both co-owners agree that the property will be used for residential purposes and that they will both have equal rights to occupy the property. The following conditions apply:

  1. Either co-owner may choose to occupy the property as their primary residence.

  2. In the event of extended absences, the co-owner will notify the other in writing with at least 30 days’ notice.


V. Decision Making and Dispute Resolution

Decisions regarding the property (e.g., selling, renting, or making significant changes) shall be made jointly by both co-owners. In the event of a dispute, the following process will be followed:

  1. Mediation: If a dispute arises, both parties agree to attempt resolution through mediation before resorting to legal action.

  2. Arbitration: If mediation is unsuccessful, the dispute shall be resolved through binding arbitration.


VI. Sale or Transfer of Ownership

In the event that one co-owner wishes to sell their share of the property, the following conditions apply:

  1. The selling co-owner must offer the property to the other co-owner first, under the same terms as any third-party offer.

  2. If the non-selling co-owner declines the offer, the selling co-owner may proceed with selling to a third party.

  3. The selling co-owner will provide 90 days’ notice prior to initiating the sale process.


VII. Property Maintenance and Repairs

Co-owners agree to share the responsibility for property maintenance and repairs. The following guidelines will be adhered to:

  1. Routine Maintenance: Regular maintenance tasks (e.g., lawn care, cleaning) will be divided equally.

  2. Major Repairs: In the event of major repairs (e.g., roof, plumbing), both co-owners must agree on the necessary action and cost-sharing.

  3. Emergency Repairs: In case of emergency, either co-owner may initiate repairs, but must notify the other co-owner within 24 hours.


VIII. Conclusion

This Agreement represents the full understanding between the co-owners regarding their ownership of the property. All parties agree to abide by the terms set forth, ensuring a harmonious and mutually beneficial relationship.


By signing below, both parties acknowledge that they have read, understood, and agreed to the terms of this Home Ownership Agreement.


Co-owner 1: Tracey Gleason
Date: January 1, 2050

Co-owner 2: Kitty Johns
Date: January 1, 2050

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