The following tips are offered up by James Grossman, a lawyer from Rochester, New York:
At the onset of the purchase, decide what the procedure will be if a partner in the deal decides to sell or passes away. It is recommended that the remaining owners be provided with right of first refusal.
Financial arrangements should be spelled out and agreed upon. For example, requiring a part owner that stops making payments to sell his share back to the other owners.
Organize how and when each partner will use the property. A use schedule should be created for each owner. If all parties agree to not utilize a schedule, it should be noted in writing that use of the property is agreed upon to be open-ended.
Create rules for when problems arise. Set guidelines for such things as parties, pet policies, broken furniture repair responsibilities, and overall property maintenance needs. Are family members to be allowed to visit by themselves or only as part of a family trip?
Make arrangements as to how disagreements will be handled. When there is to be more than two owners it is recommended that a procedure be adopted as to how disputed will be handled. For example, a majority vote on a dispute will rule. All procedures should be agreed upon in writing before the need arises.
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