Co-ownership Agreement Example
Description
How to fill out Oregon Memorandum Of Joint Ownership Agreement?
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FAQ
When two or more people own a property together, it is called co-ownership. These properties are called jointly-owned properties. These parties owning the property together could be business partners, friends, family, or another group of people having common interests.
Joint ownership of property is simply a case in which two or more people own the same piece of property. Co-owners do not have to be people. They might be other kinds of legal entities, e.g. partnerships or corporations. There are a number of ways in which two or more people can own property together.
Contents Establishing the relationship between the parties. Determining the ownership percentage. Drafting the joint ownership agreement. Identifying the parties involved. Outlining the rights and obligations of each party. Defining the ownership structure. Creating a dispute resolution process.
For example, if two brothers purchase a property, that would be considered co-ownership. Both brothers would have to agree if the property were to be sold, and the two would share the proceeds from the sale.
ownership agreement is a legal document between two or more people who are the joint owners of property or asset. It includes all of the terms and conditions which govern how ownership will be shared, including what happens if one owner dies.
