Joint ownership agreement: residential property; three or more owners
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About this document
This agreement covers any situation where two 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.
We offer two versions here. This version is for a situation where only two parties share for example two individuals or two families. The other is designed for more than two parties. Shared purchase agreement: residential property between three or more owners.
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.
- 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.
This document was written by a solicitor for Net Lawman. It complies with current Indian law.
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