Joint ownership agreement

Residential property
11 Reviews
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Document overview

Comprehensive agreement to regulate the terms of property ownership where parties own and occupy the property at the same time.
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  • BC
  • MB
  • ON
  • SK
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  • Length:19 pages (4990 words)
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About this document

This agreement is suitable where parties share ownership and use of a house, apartment or other property for permanent residence.  The agreement is designed for use where all the owners occupy the property at the same time and the property’s occupation is shared by area.  It is suitable not only for situations where, for example, each owner has the exclusive right to use a bedroom and shares the use of all other rooms, but also for virtual flats where, for example, each owner has the exclusive right to use a bedroom, living room, kitchen and bathroom and the only shared area is the entrance hall.

A note on the law:

First, consider what the most suitable structure for your sharing proposal is.  If you are looking at more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it.  Of course, running a company costs money and takes time. So, if there are between say two and ten owners it is a matter of preference as to whether you want the formality, expense and greater certainty of a company structure and shareholders agreement or the lower cost and comparative informality of an agreement like one of these.

These Net Lawman agreements specifically record the shares.  They also record shares which may be owned by someone who is not a registered owner.

Contents

  • Terms of beneficial interest - beneficial trusts provision;
  • Price and payment for the Property;
  • How the parties will use the Property;
  • How expenses will be paid;
  • Who and how will manage payment of expenses;
  • Undertakings by the parties;
  • Alternative exit strategies;
  • Effect of termination;
  • What if someone wants to sell his share or sell the property;
  • Many other “legal” provisions.
Sample joint ownership agreementJoint ownership agreement: residential property; three or more owners

Recent reviews

Great Service
20 May 2024
Well thought out agreement.
Kenneth Meek
Review of the South African version
Great Service
08 April 2024
This is the second document which I have purchased from Net Lawman and I can definately recommend this website. The document is easy to understand and suitable for my purposes. Thank you for an excellent service.
Leon Barton
Review of the New Zealand version
Stress Relieved
23 August 2022
Well written and structured document. Good additional notes. Excellent value for money. Would recommend to anyone considering joint ownership of a property.
Andy Baker
Review of the United Kingdom version
Read all 11 reviews

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