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What is in the PodProperty Co-Ownership Agreement?

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.
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