Should the mortgage amount change during the course of this Agreement due to interest rate changes, both Parties agree to continue making payments. If a new mortgage is required, both Parties shall agree to the new terms in writing.
Both Parties agree to report and pay any individual taxes associated with the Property. Property tax payments shall be made (monthly with the mortgage payment, separately in installments, etc.) and shall be split (amount)% for [Owner1.FirstName][Owner1.LastName] and (amount)% for [Owner2.FirstName][Owner2.LastName].
Both Parties agree to pay any insurance and utility fees with a split (amount)% for [Owner1.FirstName][Owner1.LastName] and (amount)% for [Owner2.FirstName][Owner2.LastName].
Should the Property require any maintenance or improvement, both Parties shall agree in writing before hiring any contractors or making any agreements with a third party.
The Parties have agreed to co-own together because of their knowledge of and confidence in each other. Accordingly, no Party shall voluntarily transfer any portion of their interest in the Property except with the approval of both Parties. Any Party may withhold such approval at their sole and absolute discretion. Any purported transfer without the required approval in writing is void.
Approval of both Parties is required in the event of the sale of the Property. Should only one Party wish to sell at any time, they may force a sale with written notice to the other Party. The process would involve getting an appraisal of the Property by an agreed-upon third party and listing it for sale on the market with a professional real estate agent. At this time, the co-owning Party has the option to buy out the share in the Property of the Party who wishes to sell in accordance with the appraised value.
If the Property is sold, the profit shall be divided equally (adjust with the specific percentage of the split if profit is not to be split equally) between the Parties.