Real Estate Co-Ownership Agreement
I. Introduction
This Real Estate Co-Ownership Agreement ("Agreement") is made and entered into on this January 15, 2050, by and between the undersigned parties (collectively referred to as the "Co-Owners"). The purpose of this Agreement is to clearly define the terms and conditions under which the Co-Owners will jointly own and manage the property described below.
II. Property Description
The property subject to this Agreement is located at Shreveport, LA 71101. The legal description of the property is as follows:
Property Address: Shreveport, LA 71101
Parcel ID: 123-456-789
Property Type: Residential Single-Family Home
Size: 2,500 Square Feet
Date of Purchase: March 1, 2050
III. Ownership Interests and Contributions
Each Co-Owner agrees to contribute financially and hold an ownership interest in the property as follows:
Co-Owner Name | Ownership Percentage | Initial Contribution | Date of Contribution |
|---|
Efrain Abshire | 40% | $200,000 | March 1, 2050 |
Sophie Fadel | 60% | $300,000 | March 1, 2050 |
The total purchase price of the property is $500,000, which has been fully paid by the Co-Owners in the above-mentioned contributions.
IV. Rights and Responsibilities
Each Co-Owner has the following rights and responsibilities:
Use of the Property: All Co-Owners shall have the right to use the property as a primary residence. Use must be agreed upon in advance if any Co-Owner wishes to rent or lease the property.
Maintenance and Expenses: All Co-Owners shall contribute to the ongoing maintenance of the property, including repairs, utilities, taxes, and insurance. Contributions will be based on ownership percentages as outlined in Section III.
Decision Making: Major decisions such as selling, refinancing, or making substantial improvements to the property must be agreed upon by a majority vote, where the number of votes is determined by ownership percentage.
V. Profit Sharing and Distributions
Profits or any income generated from the property, such as rental income or sale proceeds, will be distributed to the Co-Owners based on their ownership percentages. The Co-Owners agree to distribute profits on an annual basis or as otherwise agreed upon. The following is the profit-sharing structure:
Co-Owner Name | Ownership Percentage | Profit Share |
|---|
Efrain Abshire | 40% | $10,000 |
Sophie Fadel | 60% | $15,000 |
VI. Exit Strategy and Transfer of Ownership
If any Co-Owner wishes to sell or transfer their ownership interest, they must first offer the interest to the other Co-Owner(s) at a price determined by an independent appraisal. In the event of a sale, the net proceeds will be divided based on ownership percentages, unless otherwise agreed in writing.
Efrain Abshire may sell his share to Sophie Fadel for $200,000 or offer the share to another party.
If Sophie Fadel chooses to buy out Efrain Abshire, payment must be made in full within 30 days of agreement.
VII. Dispute Resolution
In the event of a dispute, the Co-Owners agree to attempt to resolve the issue through mediation before taking any legal action. If mediation fails, the dispute will be resolved through binding arbitration under the rules of the American Arbitration Association.
Mediation: The Co-Owners agree to appoint a neutral third-party mediator.
Arbitration: If mediation is unsuccessful, the dispute will be referred to a binding arbitration process.
VIII. Conclusion
This Agreement is executed on January 15, 2050, and is binding upon all Co-Owners. Any amendments or modifications to this Agreement must be made in writing and signed by all parties involved.
Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]
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