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Things you need to know about Co-ownership agreement over property.
1. What is a co-ownership agreement?
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).
2. When do you need a co-ownership agreement?
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.
3. What information do you need to create the co-ownership agreement?
To create your co-ownership agreement you’ll need the following minimum information:
The type of co-owners (i.e. individual or business) as well as their name and details (i.e. nationality and address)
The percentage share of each co-owner in the property
The type of property that is co-owned and its description (i.e. address and size)
4. How much is the document?
The document costs PhP 450 for a one-time purchase.
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