Co Ownership Agreements Templates
It is also not appropriate for situations where the property is held by a limited liability company (an « LLC » requiring an LLC enterprise agreement), by a limited partnership (an « LP » requiring a limited partnership agreement) or by a corporation (which requires a partnership status and, in general, a shareholders` agreement). The draft contract is adapted to the increasingly frequent agreement, in which the property is leased jointly, but one or more of the tenants of joint investors will hold their ICT stake in an LLC. Each of these different forms of ownership has advantages and disadvantages from the point of view of owners` liability, property protection, taxes and operating costs, and there is no most appropriate structure for each property or group of owners. Investors should carefully evaluate the options before making a final decision Take advantage of our condominium agreement to quickly and easily establish a contract indicating the rights and obligations of both parties. You can use this document if a property is purchased jointly by several friends or relatives, if a property has been handed over to a number of people or relatives for joint ownership or to formalize an existing condominium agreement. Partial ownership of real estate requires an agreement that determines not only ownership shares and responsibility for maintenance costs, but also a legal framework covering management and how decisions are made as to who uses the property. .