Free Property Joint Ownership Agreement

Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]

This Property Joint Ownership Agreement outlines the terms and conditions under which the parties jointly own and manage the property located at Chandler, AZ 85224. The agreement ensures clarity in the ownership rights, responsibilities, and decision-making processes.

I. Introduction

This agreement is entered into by the following parties:

1. Tom Walter of Laredo, TX 78040

2. Emmy Green of Reno, NV 89501

The parties wish to jointly own the property described below under the terms outlined in this agreement.

II. Property Description

The property being jointly owned is located at:

Chandler, AZ 85224
Legal Description: Lot 12, Block 3, Oakwood Subdivision
Parcel Number: 123-456-789
Type of Property: Residential
Estimated Market Value: $300,000

III. Ownership Shares and Contributions

The ownership of the property is divided among the parties as follows:

Both parties acknowledge their respective ownership shares and agree to contribute to the property’s expenses according to the percentages listed above.

IV. Rights and Responsibilities

The rights and responsibilities of the co-owners include:

1. Use of Property: Both owners have equal rights to use and occupy the property, subject to reasonable notice and any scheduling arrangements agreed upon.

2. Maintenance and Repairs: The owners are jointly responsible for maintaining the property and ensuring all necessary repairs are made. This includes routine maintenance, major repairs, and improvements, which shall be decided jointly.

3. Taxes and Expenses: Both owners agree to equally share the cost of property taxes, insurance premiums, and other expenses related to the upkeep of the property.

V. Decision-Making and Dispute Resolution

Decisions regarding the property, including its use, sale, or any major financial obligations, shall be made by mutual agreement between the parties. If a dispute arises that cannot be resolved through discussion, the parties agree to mediate the issue with a neutral third party before pursuing legal action.

VI. Sale or Transfer of Ownership

If either owner wishes to sell or transfer their share of the property, the following procedures must be followed:

1. Right of First Refusal: The other owner has the right of first refusal to purchase the share of the selling owner at a price agreed upon by both parties or determined by an independent appraiser.

2. Sale Terms: In the event the other owner does not exercise the right of first refusal, the selling owner may sell their share to a third party, provided the third party agrees to the terms of this agreement.

The sale or transfer of ownership must be executed in writing, and any changes to the ownership structure must be recorded with the appropriate local authorities.

VII. Duration and Termination

This agreement shall remain in effect until:

• The sale or transfer of the property, or

• The agreement is terminated by mutual consent of both owners in writing.

Upon termination, the property shall be sold, and the proceeds shall be distributed according to each owner’s share.

VIII. Miscellaneous Provisions

1. Amendments: Any changes to this agreement must be made in writing and signed by both parties.

2. Governing Law: This agreement shall be governed by the laws of the state of Arizona.

3. Binding Effect: This agreement shall be binding upon the parties, their heirs, legal representatives, and assigns.

Conclusion

By signing below, the parties affirm their agreement to the terms and conditions outlined in this document. Both parties understand and accept their roles and responsibilities as co-owners of the property.

Tom Walter
Date: November 1, 2050

Emmy Green
Date: November 1, 2050

Agreement Templates @ Template.net