A co-owner should not transfer a property without the authorization of his co-owners. Even if a potential buyer of a co-owner wishes to conclude the contract, he/she must follow and respect the conditions. If a co-owner wishes to leave his position in the contract, he should give the remaining co-owners the interest corresponding to the initial value he bought. If the co-owner wishing to terminate the contract does not agree, he/she may have an interest in selling to a bona foi buyer. These conditions will guarantee all co-owners of interest in their real estate. This form contract is intended for partners who are neither married nor registered national partners, but can also be used by married or registered couples if an additional paragraph is added. The necessary content of this additional paragraph depends on two factors: (i) the law of the State in which the parties reside; and (ii) whether the parties enter into the agreement before or after their marriage/registration. The special conditions for termination of the contract are set out in the later part of the agreement. This includes the different situations that can arise when a co-owner violates the objectives of the contract.
It is just as important to have conditions for terminating the contract as it is to promote the performance of the contract. The app protects the parties involved in the event of a disagreement in the future as a result of an infringement. Remember that this agreement is a legal document under the control of the state laws used for interpretation. 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. Click here for an example of a co-ownership agreement developed by Boston real estate attorney Kathleen M. O`Donnell to address the fundamental issues of common ownership. The agreement is mentioned in O`Donnell`s article “Condominium Agreements for Multigenerational Households: An Approach,” published in the May 2014 issue of the ElderLaw Report. .