From the Attorney’s Desk mailto:jason@eckerdawllc.com Addressing Potential Conflicts A strong co-ownership agreement should outline how to resolve disputes. A dispute resolution clause can require the co-owners to attempt mediation or arbitration to resolve disputes before resorting to contentious and cosdy litigation. The agreement can outline a process for one coowner to buy out the other’s share if the other owner wishes to exit the co-ownership arrangement. Key terms to include in a buyout provision are right of first refusal, valuation methods, and payment terms. Conditions for selling the property, such as requiring unanimous consent or establishing a process for handling disagreements about selling, are best addressed in a co-ownership agreement before acquiring a home. Addressing co-owned property in legal documents removes as much risk as possible from the homebuying equation. Schedule an appointment to learn more. From the Attorney’s Desk mailto:jason@eckerdawllc.com Addressing Potential Conflicts A strong co-ownership agreement should outline how to resolve disputes. A dispute resolution clause can require the co-owners to attempt mediation or arbitration to resolve disputes before resorting to contentious and cosdy litigation. The agreement can outline a process for one coowner to buy out the other’s share if the other owner wishes to exit the co-ownership arrangement. Key terms to include in a buyout provision are right of first refusal, valuation methods, and payment terms. Conditions for selling the property, such as requiring unanimous consent or establishing a process for handling disagreements about selling, are best addressed in a co-ownership agreement before acquiring a home. Addressing co-owned property in legal documents removes as much risk as possible from the homebuying equation. Schedule an appointment to learn more.
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