The PodProperty Co-ownership Agreement regulates the relationship between the co-owners by including the following provisions:
- an indemnity in respect of each co-owner against liability caused by any failure of a co-owner to fulfil his or her obligations under their mortgage.
- a way of dividing up any profits or losses realised in respect of the property.
- an approval mechanism for allowing people other than the owners to live at the property.
- obligations on each co-owner to pay their proportion of the mortgage repayments on time.
- rules on splitting the operating expenses of the property.
- the establishment of a committee for making decisions in connection with the property.
- a regime to protect a co-owner against the default of another co-owner.
- ways of selling out, either collectively or individually
- a provision relating to determining fair market value in the event that a co-owner is looking to sell out.
- a dispute resolution clause to quickly resolve disagreements between the parties.
