Joint Owner Agreement

If the agreement is sufficiently detailed, it may also indicate a direction to be taken if one of the parties does not comply with its contractual obligations. If your lawyer has established that you are a „common tenant“ with your co-owner, you may want to „separate“ this agreement and become a „common tenant“. We explain the difference more precisely here. In short, the latter is a status that allows you to own an individual share. A co-ownership contract can set the conditions for the purchase of land. Since the purchase is made by several people, it is a good idea to determine which parties are responsible for the mortgage and when those parties start looking for financing. Parties seeking financing can use the schedule to ensure their credit is in good condition to qualify them for a loan. Setting a real estate purchase schedule also informs members when they need to find a real estate agent to help find the potential property. If everything goes well when buying your property, equity will be generated over time.

Be sure to include in your condominium agreement a provision detailing when, if any, equity is taken from your property and how it is allocated. If your co-ownership agreement allows a repayment or a second mortgage, it is essential that the agreement also designates the owners who can continue to encumber the property. If your agreement provides for the sale of the property instead of refinancing, it should indicate when and how the property can be sold.