People can have several reasons for owning a property, but how do you own one legally? The co-ownership agreement defines the legal rights and obligations of the parties and deals with all circumstances foreseeable before they are foreseeable, including matters as important as: An example of co-ownership of a holiday home could be: unless otherwise provided in this agreement, the net profit of the property is prorated and distributed to the parties according to their respective interests. All losses and liabilities incurred in the course of the activity must be borne and paid by the parties in the same proportion. 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 parties intend to enter into this agreement in order to (a) ensure the proper management of the property, b) define their rights and obligations to each other and to others, and (c) delegate authority and responsibility for the intended future operation and management of the property. These joint lease agreements define the conditions relating to the purchase of immovable property, its use, the current obligations during ownership and the rights of each party in the event of sale of the property. If you`re wondering who the richest real estate tycoon in America is, it`s Donald Bren.

This man began developing his property in 1977 in partnership with other investors…