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Cottage Co-Ownership Agreement Example

(Last Updated On: April 9, 2021)

First, the co-owners have to ask some important questions. For example, can all homeowners use the holiday home all the time? If there are periods of exclusive use, how are they allocated? Can homeowners bring guests on their train, or even rent or rent the holiday home? Who opens and closes the hut every year? Who ensures that electricity bills, municipal taxes and insurance premiums are paid on time? And how are collective decisions made for changes, improvements or additions? In addition, a cabin owner generally wants to transfer a family property only to the family and make sure it stays in the family. A co-ownership agreement may include a method of decision-making on various issues related to the transfer or sale of the property, including death, incapacity to work or the conjugation of an owner with purchase options and first refusal rights for other owners or other family members, delimiting persons to whom the property may be transferred and how (or if) the charge of the property is permitted. If a family home or cabin is in the possession of an individual or couple, all questions about who pays the bills, who mows the lawn and who repairs the clogged toilets, are of course answered. The owner is responsible, and the owner and his family make decisions and take care of responsibility according to the family`s usual habits and routines. If a family or sole owner is fully responsible for a cabin, the question of who can use the cabin during July 4th and labor day weekends is usually not a problem. Parents and their children, if necessary (with grandchildren, in-laws and guests), are subject to the rules of the parents or responsible owners. The same applies to the payment of bills, the hiring of a plumber and the payment of the property tax bill: the owners pay and the owners are responsible. This natural hierarchical structure of responsibility and decision-making generally does not exist among groups of friends or co-owners of the second generation of a property. Some cabin contracts provide for a regular meeting, usually once a year in the off-season, to discuss important issues and plans for next year.

You can set a budget for operating costs, repairs and planned improvements and assign responsibilities – like last year, or is it someone else`s turn to pay bills, plan the work weekend or attend the Maritime Association meeting? Let someone take notes on what`s decided and remember that meetings are getting more and more fluid when someone brings snacks! Those who want the cottage to stay in the family should consider a condominium contract.

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