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A co-ownership agreement is used to formalize a co-ownership arrangement among multiple owners of a certain piece of property. The agreement shows the ownership share of each co-owner and details each co-owners’ rights to use the property, any income they’re entitled to (i.e. to receive the rent proceeds from the property) and what their obligations are (i.e. to pay taxes and maintenance of the property).
You need a co-ownership agreement if you and other persons own the same property. This can happen if you bought property together (i.e. with friends or relatives) or if a property has been given to a number of persons or relatives to own together (i.e. as an inheritance). The co-ownership agreement can also be used to formalize an existing co-ownership arrangement.
To create your co-ownership agreement you’ll need the following minimum information:
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