Free Property Ownership Agreement Format

I. Introduction

This Property Ownership Agreement outlines the terms of shared ownership and responsibilities regarding the property located at Garland, TX 75040. The undersigned parties have agreed to co-own the property and wish to establish clear guidelines to govern the management, rights, and duties related to the property.

II. Parties Involved

This section identifies the individuals/entities involved in the property ownership agreement:

1. Owner 1: Alanis Durgan, residing at Glendale, AZ 85301

2. Owner 2: Javier Jacobs, residing at Chandler, AZ 85224

The parties acknowledge their mutual agreement and commitment to the property under the terms described herein.

III. Property Description

This section provides a legal description of the property being co-owned:

• Property Address: Garland, TX 75040

• Legal Description: Lot 5, Block 3, Springfield Subdivision

  • Parcel Number: 123-456-789

• Property Type: Residential

The property, located at Garland, TX 75040, is hereby identified as the subject of this agreement.

IV. Ownership Shares

The ownership interests are divided as follows:

The ownership shares above are based on mutual agreement and shall not be altered without written consent from all parties involved. Each party has the right to sell, transfer, or assign their share under the conditions outlined in this agreement.

V. Rights and Responsibilities

Each co-owner has distinct rights and responsibilities concerning the property. These are:

• Right of Use: Each party has equal right to use the property, subject to reasonable schedules and agreements regarding occupancy.

• Maintenance and Repair: Responsibilities for regular maintenance, repairs, and improvements are shared, with specifics outlined below:

  • Owner 1: Responsible for exterior repairs and landscaping.

  • Owner 2: Responsible for interior upkeep and utilities.

VI. Dispute Resolution

In the event of a dispute regarding property management or ownership matters, the parties agree to the following steps:

1. Mediation: Any disputes will first be mediated by an independent third party, selected by all owners, within 30 days of the dispute’s identification.

2. Arbitration: If mediation fails, the dispute will be resolved by binding arbitration as per the rules of the American Arbitration Association.

All costs related to dispute resolution will be shared equally by all owners.

VII. Exit Strategy and Transfer of Ownership

If any party wishes to sell or transfer their ownership interest in the property, the following procedures apply:

1. Buyout Option: A co-owner may offer to buy out another owner at a mutually agreed-upon valuation, to be determined by an independent appraiser.

2. Sale of Property: If all co-owners agree, the property may be sold, with proceeds divided according to ownership shares.

The parties must notify each other in writing of their intent to sell or transfer ownership 60 days before action is taken.

VIII. Governing Law and Amendments

This agreement is governed by the laws of the state of Texas. Any amendments to this agreement must be made in writing and signed by all parties.

The parties acknowledge that they have read and understood the terms of this agreement and agree to abide by its provisions.

Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]

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