One of the most prevalent forms of owning real-estate property out of various ways is joint ownership. Several laws govern the concept of joint possession of real estate property. It simply means ownership of a property shared by more than one person and governed by specific laws formulated to secure the rights of all the owners. It can be said as one of the best means of owning a property as you can save a great deal of money and risk is shared by joint owners. Look out for the best criminal law firms in Winnipeg that take up property dispute cases, in case, you face issues in a co-ownership agreement. The criminal defence lawyer Winnipeg will study your agreement and guide you in understanding rights & obligations relevant to the co-ownership. Make sure that you go understand each provision related to the agreement and sign it with your partner.
- Here is a list of necessary provisions required in a co-ownership agreement.
- Ownership title to be kept reserved by the joint tenants or a few tenants in common.
- Names of the individuals who are titled to live in the property, full-time or temporary. This is a necessary provision for specific properties for vacation.
- Ways of apportionment of ownership interest.
- Ways of distribution of paying mortgage responsibilities.
- For the investment property, ways of rent distribution between co-owners.
- Details about the distribution of maintenance and repair of the property.
- The name of the owner has the right to alter & make improvements to the property with the consent of the co-owner or not.
- Include the way to sell or dispose of the property and rights of the first denial to acquire the co-ownership interest.
- Steps to be taken in case of death or bankruptcy of any of the co-owner.
- A co-ownership agreement includes a mechanism to resolve disputes including arbitration in case of disagreement among co-owners.
- Result of a co-owner default on any of the dedicated responsibilities.
Is there a need for a co-ownership agreement?
Yes, a co-ownership agreement is prepared when a property is purchased or there is an intention of purchasing or reselling a property or the property interest with more than one co-owner. So you and your co-owners should agree on the following points & get it resolved by the criminal defence lawyer Winnipeg before agreeing.
- How much each co-owner is intending to contribute towards the down-payment of the property?
- What would be the financial contribution of each co-owner towards household capital expenditures?
- Will there be any change in the mortgage contribution of each co-owner?
- Will the co-owners take title to the property as joint tenants?
- Will the co-owners own equivalent interest in the property?
- How will the ownership interest of any of the co-owner be disposed of in case they want to sell?
How will the liability for damages to the property distribute between the co-owners?Talk with the hired criminal defence lawyer Winnipeg. Getting professional help in solving all the above provisions and avoiding any mistake in the preparation of the co-ownership agreement is evident. Several things are to be planned which you or any of the co-owner might not be able to do alone due to lack of proper knowledge. Contact our firm for an instant solution for all your queries.
