Some partners may wish to leave the arrangement in the future due to life changes or other circumstances. The co-owners must agree on the manner and time of the transfer of the property in case of such things. There must be clear answers and guidance in the legal agreement. Do you think that if a co-owner wishes to leave the property for a longer period, will it trigger a particular event of sale or transfer on his part? What will happen to a co-owner if he has not fulfilled his obligations? What events trigger the sale of the property as a whole? Leave so little or no ambiguity to these questions. Everyone needs to be on the same side for each type of exit strategy. After the death of a Party, its personal representative shall make all payments under this Agreement, fulfil all its obligations and be bound by all provisions of this Agreement. With regard to marriage, co-ownership agreements are a precise mechanism for managing property between spouses, and they are preferable to marriage contracts, as they deal with all aspects of ownership and the specific use of real estate. Indeed, we recommend that a co-ownership contract associated with a marriage contract be used, as a well-prepared marriage contract addresses complex issues that a co-ownership contract will not address, such as the consequences of marital dissolution, child-raising goals, custody agreements and alimony. Condominium agreements are typically used in the following circumstances: Click here for a model condominium agreement that Boston real estate attorney Kathleen M. O`Donnell developed to address the fundamental issues of common ownership.
The agreement is mentioned in O`Donnell`s article “Condominium Agreements for Multigenerational Households: An Approach,” published in the May 2014 issue of the ElderLaw Report. In this article, O`Donnell proposes that such an agreement could be modified to treat the ownership of a home for several generations. Condominium purchases become more complicated when you buy real estate with a life partner. In these situations, the legal agreement must comprehensively address the relationship between the parties. Marriage contracts may concern the treatment of property during a marriage and in the event of marriage failure. Consider including this in your agreement in order to avoid future problems in this regard. Given the steady rise in real estate prices today, it is increasingly common for people to share the purchase of a home with other adults who are not their spouse or partner.