Joint ownership agreement: holiday property
This document is useful to purchase a property together and use it for holiday occupation, with generally one owner occupying the property at any one time.
It provides options for the management of the property: each owner can be responsible on a rolling basis or you could appoint one as a property manager.
As well as the standard provisions you would expect in this type of agreement, the document covers: exit strategies (eventual sale), owners’ obligations, maintenance and repair of furniture and fixtures, and changes in ownership by operation of law (e.g. on death).
It is not suitable for commercial use – where the owners are purchasing properties for a jointly owned business.Read More