Home Ownership Agreement
This Home Ownership Agreement (“Agreement”) is made and entered into by the co-owners listed below, effective as of January 1, 2050, with respect to the jointly owned property located at Fresno, CA 93701. The purpose of this agreement is to outline the responsibilities, rights, and obligations of each co-owner.
Prepared by: [YOUR NAME]
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I. Parties Involved
The parties involved in this Home Ownership Agreement are:
Co-owner 1: Tracey Gleason
Co-owner 2: Kitty Johns
The aforementioned individuals agree to share ownership of the property as described above, under the terms and conditions outlined in this agreement.
II. Ownership Shares
The ownership of the property shall be divided as follows:
Co-owner Name | Ownership Percentage |
|---|
Tracey Gleason | 60% |
Kitty Johns | 40% |
This division represents the respective financial contributions of the co-owners towards the purchase price of the property.
III. Financial Responsibilities
Each co-owner agrees to contribute to the financial upkeep of the property according to the following terms:
Expense Category | Tracey Gleason’s Contribution | Kitty Johns’s Contribution |
|---|
Mortgage Payments | 60% | 40% |
Property Taxes | 60% | 40% |
Insurance | 60% | 40% |
Maintenance and Repairs | 60% | 40% |
The co-owners will ensure that all payments are made promptly by the agreed-upon dates.
IV. Use and Occupancy of Property
Both co-owners agree that the property will be used for residential purposes and that they will both have equal rights to occupy the property. The following conditions apply:
Either co-owner may choose to occupy the property as their primary residence.
In the event of extended absences, the co-owner will notify the other in writing with at least 30 days’ notice.
V. Decision Making and Dispute Resolution
Decisions regarding the property (e.g., selling, renting, or making significant changes) shall be made jointly by both co-owners. In the event of a dispute, the following process will be followed:
Mediation: If a dispute arises, both parties agree to attempt resolution through mediation before resorting to legal action.
Arbitration: If mediation is unsuccessful, the dispute shall be resolved through binding arbitration.
VI. Sale or Transfer of Ownership
In the event that one co-owner wishes to sell their share of the property, the following conditions apply:
The selling co-owner must offer the property to the other co-owner first, under the same terms as any third-party offer.
If the non-selling co-owner declines the offer, the selling co-owner may proceed with selling to a third party.
The selling co-owner will provide 90 days’ notice prior to initiating the sale process.
VII. Property Maintenance and Repairs
Co-owners agree to share the responsibility for property maintenance and repairs. The following guidelines will be adhered to:
Routine Maintenance: Regular maintenance tasks (e.g., lawn care, cleaning) will be divided equally.
Major Repairs: In the event of major repairs (e.g., roof, plumbing), both co-owners must agree on the necessary action and cost-sharing.
Emergency Repairs: In case of emergency, either co-owner may initiate repairs, but must notify the other co-owner within 24 hours.
VIII. Conclusion
This Agreement represents the full understanding between the co-owners regarding their ownership of the property. All parties agree to abide by the terms set forth, ensuring a harmonious and mutually beneficial relationship.
By signing below, both parties acknowledge that they have read, understood, and agreed to the terms of this Home Ownership Agreement.
Co-owner 1: Tracey Gleason
Date: January 1, 2050
Co-owner 2: Kitty Johns
Date: January 1, 2050
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