A good agreement reduces the risk of a broken cooperation agreement. It will describe the current and future behavior necessary for the house to work. You and your partners want legal certainty that in the event of future scenarios that could break the partnership, these scenarios are unlikely. GoCo recommends including the three main themes of rights and responsibilities, financial commitments and future scenarios in the legal agreement. Your legal agreement must be written with the same way of thinking of a will. You and your partners need to think about all the contingencies and remedies that will be useful for at least the next five years. The best way to do this is to get together and discuss all the possibilities and exit strategies with your group. Go through all the future scenarios and how you and your group want to manage it best. No matter the little one, no matter how stupid it sounds to discuss, bring all the topics you think have legal support.

Be sure to include rights and responsibilities, financial commitments and future scenarios, including exit strategies. Once you`ve had a great discussion and agreed what you want to include and all the strategies to deal with them, then it`s time to find a lawyer to design your legal agreement. A co-ownership agreement may set the terms of the purchase of land. As the purchase is made by several people, it is a good idea to determine which parties will be responsible for the mortgage and when those parties will start looking for financing. Parties applying for financing can use the schedule to ensure that their credit is in sufficient condition to qualify them for a loan. Establishing a timetable for the purchase of real estate also informs members of when they must find a real estate agent to help in the search for potential real estate. “Four co-owners, all elderly women, live together in a four-bedroom house. One dies suddenly and the part of the house goes to the daughter of the deceased, who decides to rent it at his sole discretion.

In the absence of a legal agreement, the other co-owners will lose control of those who live in their homes. This agreement is not only suitable for situations where, for example, each owner has the exclusive right to use a room and shares the use of all other rooms, but also for virtual apartments where, for example, each owner has the exclusive right to use a bedroom, living room, kitchen and bathroom, and the only common area is the entrance hall. In the future, the co-owners may want to leave on their own. There must be a section that clearly describes the procedure of an outgoing co-owner in the legal agreement. They must consider whether the outgoing co-owner`s share is sold or put up for sale to other co-owners. Note that this document does not describe how the owners will live together. It deals only with property issues. For housing, you should use a cohabitation agreement like this. A legal co-ownership contract is a bespoke contract that takes into account the wishes of partnerships, which could happen in future scenarios, and creates agreements that follow family law.

It varies from group to group, as the agreement is tailored to each group. Regardless of deviations, a legal agreement on co-ownership should clearly define your agreement and discuss all contingencies and changes with their agreed results.