This document can be used to create co-ownership on a property. It can be used for up to four co-owners and amended to reflect ownership in equal shares, in fixed proportions and in floating proportions to reflect each co-owner's financial contribution to the property. The document also provides a right of pre-emption in favour of the other co-owners where one co-owner wishes to sell their share.
It should be noted that this document creates a tenancy in common. This means that the co-owners can own the property in differing shares, unlike in joint tenancy where each party owns the property equally. It also means that, unlike in joint tenancy, each co-owner's share of the property can be passed in an inheritance on death.
You may wish to use this document if a property is being bought by a number of friends or relatives together, if a property has been given to a number of persons or relatives to own together, or to formalise an existing co-ownership arrangement.
How to use this document
A single copy of the document should be signed by all parties. Each signature will also need to be signed by a witness who is not one of the other co-owners. Each party should then retain a copy of the document for their records.
Any Applicable Law
The document is governed by the principles of trusts law.
The Law of Property Act 1925
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