This co-ownership agreement template has 7 pages and is a MS Word file type listed under our human resources documents.
Sample of our co-ownership agreement template:
CO-OWNERSHIP AGREEMENT This Co-Ownership Agreement (the "Agreement") is effective [DATE], BETWEEN: [NAME OF CO-OWNER A] ("Co-Owner A"), an individual with their main address located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF CO-OWNER B] ("Co-Owner B"), an individual with their main address located at: [COMPLETE ADDRESS] Collectively, Co-Owner A and Co-Owner B shall be referred to as the "Parties" or "Co-Owners." WHEREAS, the Co-Owners have, simultaneous with the execution hereof, each acquired a Fifty Percent (50%) undivided interest as Tenants-in-Common in and to that certain real property described generally as [DESCRIBE THE SPECIFICS OF THE PROPERTY] (the "Property"); WHEREAS, the Co-Owners own their respective interests in the Property as Tenants-in-Common, subject to the terms, covenants and conditions set forth below, which terms are necessary to ensure the proper and orderly management and operation of the Property during the period of the Co-Owners' co-ownership; NOW, THEREFORE, the Parties agree as follows: PROPERTY The Property is situated at [THE ADDRESS] and the legal description of the Property is as follows: [SPECIFY THE LEGAL DESCRIPTION OF THE PROPERTY], which includes with it but is not limited to permits, easements, and cooperative and association memberships (the "Property"). TERM This Agreement shall be for a term of successive [YEAR] year periods, commencing on the date of execution hereof, and terminating on [DATE] unless either Party terminates this Agreement by delivering written notice to the other Party or by a mutual termination of this Agreement by both Parties, in writing. MANAGEMENT The Co-Owners appoint [SPECIFY PERSON/COMPANY] as the manager of the Property ("Manager"), on a renewable annual basis, to handle such matters as the lease, operation, and maintenance of the Property. The duties of the Manager are mentioned in Annexure A, which is attached to this Agreement. Instructions to the Manager may be issued by either of the Co-Owners, except that, in the event of the sale or refinancing of the Property, the consent of both Co-Owners shall be required. OPERATING CAPITAL AND EXPENSES In the event the Manager determines, from time to time, that additional capital from the Co-Owners is required (whether for capital improvements or ordinary and routine operating expenses, including insurance, taxes, snow removal, utilities, and furniture for the Property) to operate, improve, or otherwise manage the Property, the Manager shall so notify the Co-Owners, in writing, of the total additional sum required, and request that each Co-Owner submits Fifty Percent (50%) (or the amount of each Co-Owner's proportionate share of said total, if different), within [NUMBER OF DAYS] days after receipt of said written notice. Emergency Advances. Regardless of the determination by the Manager regarding additional capital needs and requirements from the Co-Owners, should either Co-Owner determine that an "emergency condition" exists, that Co-Owner shall be entitled to make advances to protect and preserve the value of the real estate. An "emergency condition" shall include any necessary expense or capital improvement to protect and preserve the value of the real estate from immediate threat of significant harm. Should either Co-Owner make such advances, he should give the other Co-Owner written notice thereof within [NUMBER OF DAYS] days after making the advance. The failure of either Co-Owner to make such additional contribution within [NUMBER OF DAYS] days after receipt of notice requesting same shall constitute a material breach of this Agreement, and the non-contributing Co-Owner shall be considered in default hereunder. The non-defaulting Co-Owner shall have the right, but not the obligation, to pay the defaulting Co-Owner's pro rata share of such additional contribution. The non-defaulting Co-Owner so electing to pay the defaulting Co-Owner's share shall be entitled to a percentage of the defaulting Co-Owner's interest. A portion of the defaulting Co-Owner's interest shall be transferred to the non-defaulting Co-Owner who has made said payment. RIGHT OF FIRST REFUSAL AS CONDITION PRECEDENT TO SALE TO THIRD PARTY Sale of the Property. Either Co-Owner shall have the right to sell, exchange or otherwise transfer its interest in the Property, or any part thereof, after having first offered to sell said interest to the other Co-Owner in accordance with the following procedure: The interest in the Property which the transferring Co-Owner intends to sell, exchange or otherwise transfer (whether such interest includes all or a portion of the Co-Owner's interest) shall first be offered in writing to the other Co-Owner at the stated price at which the interest is proposed to be sold to a third party. The other Co-Owner shall have a period of [NUMBER OF DAYS] days after receipt of such notice in which to accept or reject said offer, in writing. In the event the non-transferring Co-Owner rejects the offer, then the transferring Co-Owner shall be free to sell its interest in the Property on the terms set forth in the notice and on no other terms. In the event the non-transferring Co-Owner accepts the offer, then the non-transferring Co-Owner shall purchase the interest of the transferring Co-Owner on the terms set forth in said notice within [NUMBER OF DAYS] days after the acceptance of said offer. The selling Co-Owner shall pay any and all title insurance premiums and reasonable closing costs associated with said transfer. RIGHT OF PARTITION The Co-Owners agree generally that any Tenant-in-Common (and any of its successors-in-interest) shall have the right, while this Agreement remains in effect, to have the Property partitioned, and to file a complaint or institute any proceeding at law or in equity to have the Property partitioned, in accordance with, and to the extent provided by, applicable law. The Co-Owners acknowledge and agree that partition of the Property may result in a forced sale by both the Co-Owners
