Residential Property Co-Ownership Deed
This Residential Property Co-Ownership Deed ("Deed") is made this day of 20th of January 2050, by and between the Parties [Your Name] and [Co-Owner Name] (collectively "Co-Owners"). Hereinafter, [Your Name] and [Co-Owner Name] may be referred to individually as "Party" or collectively as "Parties". This Deed establishes the terms and conditions under which the Co-Owners hold a property located at [Property Address] ("Property").
I. Declaration of Co-Ownership
The Parties hereby declare that they are co-owners of the residential property described as follows, subject to the terms and conditions of this Deed:
II. Ownership Shares
The Parties’ respective shares in the Property are as follows:
Co-Owner Name | Ownership Share |
|---|
[Your Name] | 50% |
[Co-Owner Name] | 50% |
III. Payment of Expenses
The co-owners will share the ongoing expenses related to the property as follows:
Mortgage payments
Property taxes
Insurance premiums
Maintenance and repairs
Each Party’s contribution to these expenses shall be proportional to their ownership share.
IV. Rights and Responsibilities:
Each Co-Owner shall have the following rights and responsibilities:
Use of the property by the agreed-upon schedule or as otherwise determined by mutual agreement.
Contribution to maintenance and repair expenses in proportion to their ownership share.
Consent of all Co-Owners is required for major decisions affecting the property, such as renovations or leasing agreements.
V. Use of Property
Each Co-Owner shall have the right to use the property by the following terms:
Residential use only, no commercial activities allowed without mutual written consent.
Guests may stay at the Property for no more than 3 consecutive days without prior written agreement from the other Co-owner(s).
Any alterations or improvements to the Property must be approved by all Co-Owners in writing.
VI. Sale and Transfer of Ownership Shares
Before any Co-owner can sell or otherwise transfer their share in the Property, the following conditions must be met:
The selling Co-owner must offer their share first to the other Co-owner(s) at a price deemed fair market value.
This offer shall remain valid for 7 days.
If the remaining Co-owner(s) do not purchase the selling Co-owner’s share within this period, the selling Co-owner may offer it to an outside party.
VII. Dispute Resolution
In the event of any disputes arising from the terms of this Deed or the use of the Property, the Parties agree to first attempt to resolve the issue through mutual negotiation or mediation before resorting to legal action.
VIII. Governing Law
This Deed shall be governed by, construed, and enforced under the laws of the State of [Your State], without regard to its conflict of laws rules.
IN WITNESS WHEREOF, the Parties have executed this Residential Property Co-Ownership Deed as of the date first above written.
Co-Owner:
[Your Name]
[Date Signed]
Co-Owner:
[Co-Owner Name]
[Date Signed]
IX. Witnesses
This Deed is witnessed and signed on the day and the year first above written.
[Witness 1 Name]
[Witness 2 Name]
NOTARIZATION:
State of [State], County of [County]
On this 20th of January 2050, before me, a Notary Public in and for said county and state personally appeared [Your Name] and [Co-Owner Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
[Notary Public Name]
Notary Public in and for [State]
My Commission Expires: [Expiration Date]
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