Land Co-Ownership Agreement

Before you co-purchase that holiday or investment property with friends or family members, draw up a Tenants in Common Agreement with this easy-to-use template for Australia.

• the proportion of the property owned by each co-owner;
• the time period during which each co-owner will have exclusive use of the property;
• responsibility of each co-owner for property maintenance;
• appointment of a management and letting agent;
• rental of the property;
• insurance, common costs, and utilities;
• additional capital injections;
• sale of property with and without pre-emption rights;
• mortgage or encumbrance of the property;
• market valuation;
• power of attorney;
• dispute resolution.

Do you own a vacation property in common with one or more other owners? Make sure your rights and obligations are clearly set out with this Right of Use Agreement Between Co-Owners ⁄ Tenants in Common.

• The Agreement outlines the use periods for each co-owner during the calendar year.
• Each co-owner has the right to sublease the vacation property to someone else during their assigned use period if they are unable to use it.
• Procedures for leasing to third parties during the balance of the year.
• Provisions for 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.

The Right of Use Agreement can be used for vacation property practically anywhere in the world. To get your copy, add it to your cart, check out and pay. Download, personalize, and print it for signature.