Joint ownership agreement

Residential property
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Document overview

Where all the owners occupy the property at the same time.
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Compliant with the latest law
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  • Length:10 pages (3160 words)
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About this document

This agreement covers any situation where two or more people or sets of people share ownership and use of a house, flat, bungalow, cottage or other property for permanent occupation. The agreement is designed to regulate occupation where all the owners occupy the property at the same time and the property’s occupation is shared by area. This agreement is suitable not only for situations where, for example, each owner has the exclusive right to use a bedroom and shares the use of all other rooms, but also for virtual flats where, for example, each owner has the exclusive right to use a bedroom, living room, kitchen and bathroom and the only shared area is the entrance hall.

First, you should consider what the most suitable structure for your sharing proposal is. If you are looking at more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Ownership of the property itself never changes. No stamp duty is paid once it is bought.

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.

Application and features

  • Comprehensive fractional ownership document for any type of property: flat, apartment, house, bungalow and so on
  • Sensible and practical provisions for shared ownership
  • Written in plain English
  • Explanatory notes to guide you

Contents

  • Terms of beneficial interest - beneficial trusts provision
  • Price and payment for the Property
  • How the parties will use the Property
  • How expenses will be paid
  • Who and how will manage payment of expenses
  • Undertakings by the parties
  • Alternative exit strategies
  • Effect of termination
  • What if someone wants to sell his share or sell the property
  • Many other legal provisions

Recent reviews

Great Service
23 August 2022
Well written and structured document. Good additional notes. Excellent value for money. Would recommend to anyone considering joint ownership of a property.
Andy Baker
Review of the United Kingdom version
Great Service
06 November 2021
Useful comprehensive document.
Janette Ritchie
Review of the New Zealand version
Great Service
08 June 2021
Due to my current circumstances it was going to up to thousands of dollars to attend a solicitor to have the required contract drafted. The document purchased and provided by Net Lawman met my needs and provided valuable information and instruction without the cost. I am confident should the need arise I would definitely use this service again.
Laura Howell
Review of the Australian version
Read all 9 reviews

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