Co-ownership Agreement

Shared ownership of movable property

In this co-ownership agreement two or more parties make arrangements about a co-owned property. The division of the ownership of the property (in percentage) is laid down but also the apportionment of costs, for example the costs of upcoming maintenance and insurance.

It’s also important to state the course of action in case of damage. This may be damage to your shared property or to a third party. You also have to make arrangements about the situation if one of the parties wants to end shared ownership of the property.

What to fill in yourself

Clearly define the co-owned property and the date of commencement of the agreement. You can choose from different percentages. Finally all the owners sign the contract.

Summary

Contains provisions on:

• Description of the shared property;
• Division of ownership;
• Apportionment of costs;
• Maintenance and insurance;
• Termination and selling arrangements.

Context

This document can be used in the following situation:
It is possible to co-own a number of goods. Nowadays many people would like to share, for example co-own a car, an animal, tools or other valuable goods.

Sharing is a good idea, but you have to consider the legal consequences. Co-ownership means sharing the risks and making decisions together. It’s advisable to make arrangements in advance and not wait until you’re party in a conflict.