Joint ownership agreement: residential property
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- Guidance notes included
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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.
- 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.
This document was written by a solicitor for Net Lawman. It complies with current Canadian law.
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