Free Land Co-ownership Agreement Template

Co-owner 1: [Full Legal Name], "residing at" [Address].

Co-owner 2: [Full Legal Name], "residing at" [Address].

"Collectively referred to as the \"Co-owners.\""

1. Purpose

Propósito

2. Ownership Interests

Each Co-owner shall hold the following ownership interest in the property:

• Co-owner 1: [Percentage]%
• Co-owner 2: [Percentage]%

3. Possession and Use

"All Co-owners shall have equal rights to access and use the land, subject to the ownership shares defined herein. Restrictions or exclusive usage rights (e.g., farming, leasing, building) shall be documented in Exhibit B."

4. Expenses and Contributions

Co-owners agree to share expenses proportionate to their ownership shares, including:

• Property taxes
• Insurance premiums
• Utilities and maintenance costs
• Improvements approved by majority decision

Failure to contribute may result in reimbursement claims or liens against the non-paying Co-owner's share.

5. Management and Decision-Making

Major decisions, such as improvements exceeding [Amount], leasing, or sale of the property, shall require consent of majority Co-owners.

Routine maintenance decisions may be made by any Co-owner acting reasonably.

6. Transfer or Sale of Interests

No Co-owner may sell, transfer, or encumber their share without first offering it to the other Co-owners on equal terms. If no Co-owner accepts, the share may be transferred to a third party, subject to compliance with applicable law.

7. Dispute Resolution

In case of disputes, Co-owners agree to attempt good-faith negotiation, followed by mediation or arbitration in [Jurisdiction], before resorting to litigation.

8. Term and Termination

This Agreement shall remain in effect until terminated by unanimous consent, sale of the property, or court order. Upon termination, proceeds of sale shall be distributed according to ownership shares.

9. Governing Law

This Agreement shall be governed by and construed under the laws of [State/Country].

10. Entire Agreement

This document represents the full understanding of the Co-owners and supersedes prior discussions. Amendments must be in writing and signed by all Co-owners.