Sample Property Co-Ownership Agreement For Three or More Parties Investing Together

Sample Property Co-Ownership Agreement For Three or More Parties Investing Together Co_Own_3+partyInvestment Instant Download Price
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Sirkin & Associates
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Sample Property Co-Ownership Agreement

For Three or More Parties Investing Together

 

This 19 page agreement template is designed for situations where 3-6 parties will co-own investment property as tenants in common. Larger groups should consider a different governance structure to ease management and decision-making. This form agreement can be used for property in any U.S. state.

Note that this agreement form is not suitable for use where any owner will live in the property. It is also inappropriate for situations where the property will be held by a limited liability company (an “LLC”, which requires an LLC Operating Agreement), limited partnership (an “LP”, which requires a limited partnership agreement), or corporation (which requires corporate bylaws and also, generally, a shareholders agreement). The agreement template is suitable for the increasingly common arrangement where the property will be held in tenancy in common, but one or more of the tenant in common investors will hold/her her TIC share in an LLC. Each of these various legal forms of ownership has pros and cons from an owner liability, asset protection, tax, and operating cost perspective, and there is no structure that is best for every property and every ownership group. Investors should carefully consider the options before making a final decision

This sample agreement is comprehensive and complete, and is designed to protect the parties in case of unforeseen events or disagreements, as well as following death. It is plain English designed to be easy to understand and customize. The agreement is eighteen pages in length and includes a detailed table of contents for easy reference.

This sample agreement includes the following sections:

  • CO-OWNERSHIP SHARES AND CO-OWNERS
  • ORGANIZATIONAL STRUCTURE
  • OWNERSHIP, TITLE, AND ALLOCATIONS
  • OWNER USAGE RIGHTS WAIVER
  • ESTABLISHING RENTAL AMOUNT
  • TENANT SELECTION
  • RENTAL INCOME ALLOCATION
  • EXPENSE AUTHORIZATIONS AND ALLOCATIONS
  • OPERATING BUDGET
  • SPECIAL ASSESSMENTS/CASH CALLS
  • DISTRIBUTION OF OPERATING SURPLUS
  • OPERATING ACCOUNT
  • MEETINGS AND AGENDA
  • VOTING POWER AND ABSTENTION
  • MANAGEMENT
  • MAINTENANCE, REPAIR, REPLACEMENT AND IMPROVEMENT
  • ACCOUNTING
  • REMOVAL OR RESIGNATION OF MANAGER
  • TRANSFER RESTRICTION
  • LIENS/ENCUMBRANCE PROHIBITION
  • TRANSFEREE AND SUCCESSOR OBLIGATIONS
  • MANDATORY SALE OR BUYOUT
  • ACTIONABLE VIOLATION
  • DEFAULT AND ENFORCEMENT PROCEDURE
  • VALUATION
  • NOTICES
  • DISPUTE RESOLUTION
  • INDEMNITY
  • MEMORANDUM OF AGREEMENT
  • PARTITION
  • DISTRIBUTION OF SALE PROCEEDS
  • AMENDMENTS
  • OTHER GENERAL PROVISIONS
  • ATTORNEY FEES
Sample Property Co-Ownership Agreement For Three or More Parties Investing Together This 19 page agreement template is designed for situations where 3-6 parties will co-own investment property as tenants in common. Larger groups should
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