After the death of one of the common tenants, their interest in their estate continues. This means that you can give your share of the property to someone in your will, or if you die without a will, it will be “given” to the next of kin under the laws bc of the Intestacy (which means dying without a will), even if the person who inherits the share of the property, was not previously a tenant-in-common. This is very different from a common rental agreement and should be taken into account when deciding on the nature of the shared ownership you want. Due to the size and large amount of funds associated with the co-ownership of a property, most co-ownership agreements take place between close family members or relatives. However, this trend is changing, with more and more close friends who have teamed up and even talk about “real estate dating sites” where foreigners can find a partner. It has become so common that Vancouver Credit Union Vancity has created a checklist of things to consider before you decide to enter into a co-ownership agreement with someone you are not related to. A co-ownership agreement, such as a shareholder`s agreement, defines the terms, rights and obligations and options and obligations of the various parties. In its most basic form, a good co-ownership agreement should address the following main problems: a condominium contract creates a set of legally binding rules for property owners. Obtaining a co-ownership agreement can help prevent and effectively resolve disputes that do not require costly litigation. Condominium agreements generally describe the following: One of the instruments your lawyer can prepare for you is a co-ownership agreement. This will settle relationships and protect the interests of investors by clearly specifying the rights and obligations of each co-owner. Often, it is wise to enter into agreements to clearly confirm their intentions as to the nature of the transmission. In other words, the increase in the price of housing may lead some to consider owning land with a family member or friend.
Where spouses collectively own property, the equitable distribution of expenses and property is generally dealt with under family law. Other co-owners will be surprised to learn that the law provides limited remedies in the event of a dispute over profit and expense sharing.