joint purchase agreement for property
protect your investment by understanding your rights and by putting the proper agreement in writing. in such cases, having a land co-ownership agreement in place can help decrease the potential for future conflicts. such a document serves to outline each party's use, rights, and responsibilities with respect to their joint ownership of the shared land. a joint tenancy, on the other hand, comes with right of survivorship, which means when one joint tenant dies, their interest in the land is passed on to the other joint tenants. like a joint tenancy, a tenancy in entirety also has a right of survivorship, but if one spouse wishes to terminate the agreement or sell their interest, they must obtain the consent of the other spouse. whenever you have shared ownership, a land co-ownership agreement not only sets out each party's ownership interest and how title to the property is held, it also puts into writing how rights and obligations are to be shared among the co-owners. co-owners often share rights and duties in accordance with their ownership interest in the property, but in some cases, parties may negotiate a different way to split a specific right or obligation.