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Document Id : 5265
File Type : Microsoft Word
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Right of Use Agreement for Vacation Property
Do you own a vacation property in common with one or more other owners? Make sure the rights and obligations of the co-owners are clearly set out with this Right of Use Agreement Between Co-Owners ⁄ Tenants in Common.
Provisions of the Agreement include:
Provisions of the Agreement include:
- the use periods for each co-owner during the calendar year,
- the right of each co-owner to sublease the vacation property to someone else during their assigned use period if they are unable to use it,
- leasing to third parties during the balance of the year,
- retaining a property manager to look after the property during those times when the co-owners are not there,
- allocation of payment of taxes, costs and expenses among the co-owners,
- procedure for selling, mortgaging or dealing with a co-owner's interest if the other co-owners have no pre-emption rights,
- if there are pre-emption rights, the other co-owners have a right of first refusal before any co-owner can deal with his/her percentage interest.
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