This document can be used to create a condominium on a property. It can be used and modified for up to four co-owners to reflect ownership in equal shares, in fixed and variable shares, to reflect the financial contribution of each co-owner to the property. The document also provides for a right of pre-emption for the benefit of other co-owners when a co-owner wishes to sell his share. If you don`t have a property contract, it can be very difficult to establish unequal shares of the property, even if one person has contributed much more than the other. In this first section of the agreement are written the background information of the property owners, their names and addresses. The date of signature of the contract is above this information. In addition, this information is the definition of terms. The important terms of the contract should be clearly defined in order to help each contract holder understand all the statements contained in the agreement. This allows all owners to have the same vision and interpretation of all the provisions provided. The best way to do this is to sit down and discuss all the exit options and strategies with your group. Discover each future scenario and how you and your group want to best manage it. No matter how stupid it may seem to discuss it, you`re going to raise any issues you think they should have legal support. Above all, be sure to include rights and obligations, financial commitments and future scenarios, including exit strategies.
Once you`ve had a big discussion and agreed on what you want to include and all the strategies to deal with it, it`s time to find a lawyer to establish your legal agreement. It offers options for property management: Any owner can be responsible while driving or you can appoint one as manager. A marriage contract can also address what would happen to your share of the property if you and your partner have children. For example, the agreement could include a clause that would trigger the sale of your share in the property upon the birth of a child or that provides conditions for a living partner to pay the mortgage, while the other is on maternity leave. Certain conditions of a marriage contract can also have an impact on the co-ownership situation. For example, the terms of your participation in condominium meetings may be changed as part of a marriage contract to include, for your partner, participation in a home meeting as an alternate. Default provisions should be clearly defined in a co-ownership situation. Co-owners must consider whether an act of delay has been committed, the duration of the default, the nature of the act of omission from a moral and social point of view and the relationship of individuals with other co-owners. Penalties depend on the reasons and duration of the outage. The more serious the failure, the more likely it is that it will have serious consequences and that it may require the withdrawal of a co-owner. It is important to take legal action in this area, even if the failure can be resolved by mutual agreement. The Parties own real estate and improvements on this land, located in the county, federal state of, and which are described in particular in Appendix A (the “Property”) as joint tenants.
The percentage held by each Party is set out in Appendix B. A condominium agreement will break down important elements between the co-owners, such as.B. exit strategies, house rules and regulations, and monthly financial obligations of all parties….