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:

 

  • 1. 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;
  • 2. a way of dividing up any profits or losses realised in respect of the property;
  • 3. an approval mechanism for allowing people other than the owners to live at the property;
  • 4. obligations on each co-owner to pay their proportion of the mortgage repayments on time;
  • 5. rules on splitting the operating expenses of the property;
  • 6. the establishment of a committee for making decisions in connection with the property;
  • 7. a regime to protect a co-owner against the default of another co-owner;
  • 8. ways of selling out, either collectively or individually;
  • 9. a provision relating to determining fair market value in the event that a co-owner is looking to sell out; and
  • 10. a dispute resolution clause to quickly resolve disagreements between the parties.