Joint ownership agreement

Holiday property
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A shared property purchase agreement suitable where generally only one owner occupies the whole of the property at any one time. Most suited where the owners use the property for holidays and weekend breaks.
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  • Length:10 pages (3770 words)
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About this document

This fractional ownership agreement covers any situation where two or more people or sets of people share ownership and use of a house, flat or other property for holiday occupation. The agreements are designed to regulate occupation where only one owner occupies the whole of the property at any one time. However, there is nothing to prevent more than one owner occasionally using the property at the same time.

First, you should consider the most suitable structure for your sharing proposal. If you are looking at a commercial arrangement or one for more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Then ownership of the property itself never changes. No stamp duty is paid once it is bought as the right of occupation can be treated as a licence.

However, running a company does cost money, so between 2 and 10 owners it is a matter of preference as to whether you want the formality, expense and greater certainty of a company structure and shareholders agreement or the lower cost and comparative informality of an agreement like one of these.

These Net Lawman agreements specifically record the shares. They also record shares which may be owned by someone who is not a registered owner. This is called a beneficial interest.

Contents

  • Terms of beneficial interest - beneficial trusts provision
  • Price and payment for the Property
  • How many people allowed into occupation at one time and who they may be
  • Who and how will manage payment of expenses
  • Management of the property
  • Detailed management structure ordered by annual meetings of the owners, possibility of proxy voting, and more
  • Undertakings by the parties
  • Alternative exit strategies to allow for a share to be sold to a third party, after offering it to all other owners
  • Effect of termination
  • What if someone wants to sell his share or sell the property
  • Other legal provisions to protect your interest
  • Explanatory notes
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Recent reviews
05 March 2020
Great service and excellent feedback on my questions. Netlawman will become my first go-to site in the future if I need templates for agreements. Looking forward to doing business with you again.
Charl Marais
Review of the South African version
15 April 2015
Great!! Easy to find and quick to download... I couldn't believe I found it, a perfect template and so helpful... Thanks
Andrew Finn
Review of the New Zealand version
02 March 2021
The document template allowed me to make use of the experience of lawyers without having to pay a lot of money for an unknown individual's consultancy. The document and guide seemed to cover everything I wanted as well as covering things I didn't realise I needed. It offered good value for money I think. Of course the real proof of its value will come if and when I need to use it.
David Webby
Review of the United Kingdom version
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