For example, one co-owner needs financing, but another co-owner does not need financing for his interest in the property. A bank may require all persons listed on the security to be included in mortgage documents, and if so, what protection does the co-owner who directly owns his or her share afford? A marriage contract can also indicate what would happen to your share of the property if you and your life partner had children. For example, the agreement could include a clause triggering the sale of your share of the property at the birth of a child, or provide conditions for a life partner who pays the mortgage while the other is on maternity leave. Certain conditions of a marriage contract may also affect the situation of the condominium. For example, the terms of your participation in meetings in a condominium house as part of a marriage contract may be changed so that your life partner attending a home meeting is included as an alternate. If you`re wondering who`s the richest real estate company in America, it`s Donald Bren. This man began developing his property in 1977 in partnership with other investors. Over time, Bren purchased all parts of his partners and became the sole shareholder of the Irvine company. According to Forbes, Bren owns a total of 115 million square meters of land in Southern California. Of course, this rich man did not accomplish all this without using a property contract. Everything must have been documented, otherwise he would not be entitled to such a fortune. Even if there is a contractual right to transfer the property under an AC, there is no assurance that the res claiming co-owner would meet his obligations under the contract.
It may always be necessary to apply the terms of the agreement to the Supreme Court. This, too, could be costly. “Four co-owners, all elderly women, live together in a four-bedroom house. One dies suddenly and the part of the house goes to the daughter of the deceased, who decides to rent it at his sole discretion. In the absence of a legal agreement, the other co-owners will lose control of those who live in their homes. Specific conditions for termination of the contract are recorded in the later section of the contract. This includes the different situations that can arise when a co-owner violates the purposes of the contract. It is just as important to have terms of termination of the contract as it is to encourage the performance of the contract.