The Co-Purchase Agreement serves as a crucial document when two or more parties wish to jointly acquire property in the United States. This arrangement has become increasingly common due to rising property costs and the desire to share investment opportunities. The agreement typically covers ownership structure, financial contributions, property management, expense sharing, and exit provisions. It must comply with both federal and state-specific property laws, and can be used for residential, commercial, or investment properties. The document helps prevent future disputes by clearly defining each party's rights and responsibilities at the outset of the co-ownership arrangement.
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1. Parties: Identifies all co-purchasers and their legal details
2. Background: States the intention to jointly purchase property and general purpose
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Specific description of the property being purchased
5. Purchase Price and Contributions: Details of total purchase price and each party's contribution
6. Ownership Structure: Defines ownership percentages and type of ownership
7. Management and Decision Making: Process for making decisions about the property
8. Expenses and Maintenance: How ongoing costs will be shared and managed
9. Exit Provisions: Process for selling or transferring ownership interests
1. Financing Arrangements: Details of any mortgages or loans - include when purchase involves external financing
2. Usage Rights: Rules for property usage and scheduling - include for vacation homes or shared-use properties
3. Insurance Requirements: Insurance obligations of parties - include when specific insurance requirements exist
4. Death or Incapacity: Succession planning provisions - include when parties want specific inheritance arrangements
5. Property Management: Third-party management arrangements - include when professional management is required
1. Schedule A - Property Description: Detailed legal description of property
2. Schedule B - Financial Contributions: Detailed breakdown of each party's financial contribution
3. Schedule C - Expense Allocation: Detailed breakdown of expense sharing
4. Schedule D - Management Rules: Detailed property management procedures
5. Appendix 1 - Property Inspection Report: Initial condition report of property
6. Appendix 2 - Insurance Certificates: Copies of required insurance documentation
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