What Decisions Are Included In A Draftdocs Co-Ownership Agreement?
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What's covered in a Draftdocs Co-Ownership Agreement?
A Draftdocs Co-Ownership Agreement can include:
- An indemnity for each co-owner against liability caused by one of the other owners to meet their mortgage obligations.
- A way of dividing up any profits or losses when the property is sold.
- Rules about people other than the owners living at the property.
- Obligations on each person to pay their share of the mortgage on time.
- Rules about splitting expenses.
- Setting up a committee or procedures for making decisions.
- Rules about protecting owners against default by fellow owners.
- Rules about how to sell out or what happens when one person wants to leave and the others don't.
- Provisions and methods to work out a fair market value in case someone wants to sell out.
- A dispute resolution clause to quickly resolve disagreements.
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