HOW MANY PEOPLE CAN ENTER INTO A CO-OWNERSHIP AGREEMENT?
As many as agree to do so. Co-Ownership of a boat or aeroplane can include multiple parties. It’s quite common for groups of families or small business to agree to share rights to these properties, and apportion the share of costs or expenses appropriately. Of course, there will be practical limitations to any use, but as long as everyone agrees to the terms, the co-ownership agreements can include as many people as you wish.
WHAT ABOUT REPAIRS AND MAINTENANCE?
The co-owners can decide amongst themselves who is responsible for repairs and maintenance. Whether one person supervises all required maintenance and submits a bill to the rest, or if each co-owner agrees to take turns, however the parties wish to allocate responsibility to any area of the ownership details is up to them.
WHAT DO I NEED TO INCLUDE IN MY CO-OWNERSHIP AGREEMENT?
The choice to enter into a Co-Ownership Agreement for a boat or aircraft is a common decision many people make when they wish to purchase these kinds of assets. The most important function of these documents is to make it clear to each owner or potential co-owner what they can and cannot do with their share of the property. A well drafted Co-Ownership Agreement will allow for everyone to enjoy their new purchase, while a poorly drafted document, or even worse, no agreement at all, will lead to endless problems.
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