Co-Ownership Agreement Template Ontario – Canada

The Co-Ownership Agreement Template – Ontario, Canada is offered in multiple formats, including PDF, Word, and Google Docs. These formats are both customizable and ready for printing, ensuring they cater to your requirements effortlessly.

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Co-Ownership Agreement Template Ontario – Canada

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1. Parties Involved



2. Purpose of the Co-Ownership Agreement

3. Description of the Property

4. Responsibilities of Co-Owners

5. Ownership Shares

6. Financial Contributions

7. Decision-Making Process

8. Termination of Co-Ownership

9. Dispute Resolution

10. Governing Law

11. Signatures and Acceptance



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Examples

Co-Ownership Agreement Template – Ontario, Canada (1)
Between:
[Owner 1 Name]
[Owner 1 ID]
[Owner 1 Address]
[Owner 1 Phone]
[Owner 1 Email]
And:
[Owner 2 Name]
[Owner 2 ID]
[Owner 2 Address]
[Owner 2 Phone]
[Owner 2 Email]
Introduction:
This Co-Ownership Agreement (“Agreement”) sets forth the terms under which [Owner 1 Name] and [Owner 2 Name] will jointly own, manage, and operate the property located at [Property Address], starting on [Start Date].
Clause 1: Ownership Shares
The parties agree to own the property in the following shares: [Owner 1 Name] shall own [Percentage]% and [Owner 2 Name] shall own [Percentage]%. Ownership shares may only be transferred with the written consent of both parties.
Clause 2: Contributions and Expenses
Each owner shall contribute to the purchase price, maintenance, and any other expenses related to the property in accordance with their ownership shares. The parties will maintain a record of all expenses and contributions.
Clause 3: Management and Use
The owners shall jointly manage the property. Decisions regarding alterations or management, including renting the property, require unanimous consent. Each owner has the right to use the property proportionately to their ownership share.
Clause 4: Dispute Resolution
In the event of a dispute regarding this Agreement, the parties agree to seek resolution through mediation prior to initiating legal proceedings. The costs for mediation shall be shared equally between the parties.
Clause 5: Governing Law
This Agreement shall be governed by the laws of Ontario, Canada.
Signed in [City], [Date].
Sincerely,
[Owner 1 Signature]
[Owner 1 Name]
[Owner 2 Signature]
[Owner 2 Name]
Co-Ownership Agreement Template – Ontario, Canada (2)
Between:
[Owner 1 Name]
[Owner 1 ID]
[Owner 1 Address]
[Owner 1 Phone]
[Owner 1 Email]
And:
[Owner 2 Name]
[Owner 2 ID]
[Owner 2 Address]
[Owner 2 Phone]
[Owner 2 Email]
Introduction:
This Agreement outlines the conditions of co-ownership for the property located at [Property Address] between [Owner 1 Name] and [Owner 2 Name], effective from [Start Date].
Clause 1: Use of Property
Both owners agree to use the property for residential purposes. Any change of use must be mutually agreed upon and documented.
Clause 2: Sale of Interest
If either owner wishes to sell their interest in the property, the other owner shall have the first right of refusal. A written notice must be given at least [Notice Period] prior to the sale.
Clause 3: Insurance and Liability
The owners shall obtain and maintain appropriate insurance coverage for the property. Each owner shall be liable for their share of any losses or damages arising from its use.
Clause 4: Alterations and Improvements
Any alterations or improvements to the property require written consent from both owners. Financial contributions for such alterations will be proportional to ownership shares.
Clause 5: Governing Law
This Agreement shall be governed by the laws of Ontario, Canada.
Signed in [City], [Date].
Sincerely,
[Owner 1 Signature]
[Owner 1 Name]
[Owner 2 Signature]
[Owner 2 Name]

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Co-Ownership Agreement Template Ontario - Canada