Fractional ownership of property requires an agreement that not only sets out ownership shares and responsibility for maintenance costs but a legal framework that covers management and how decisions as to who use the property are made. Net Lawman fractional ownership agreements do not try to enforce a single owner as proprietor, but rather allow a comprehensive, considered arrangement.
Shared ownership agreements for property
This is a comprehensive agreement to record the joint ownership of a single property.
Each owner lives in the property, but with living accommodation divided so that the only commonly shared area is the main exterior entrance.
This document provides set of rules to regulate management and use of the property.
It is suitable to use where the owners agree to share the property in one set of ratios and contribute towards costs and expenses in another set of percentages.
The agreement includes paragraphs covering eventual sale, agreed uses of the property, and obligations of the owners.
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.
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