Property Sharing Agreements

A property sharing agreement outlines how each owner of the property may use the home.

A property sharing agreement is a contract between two individuals that own and live in a house at the same time. This agreement typically would not take place between a married couple.

Purpose

A property sharing agreement outlines how each owner of the property may use the home. It will detail which areas and rooms of the house are for use by each individual as well as the common areas. The housemates will plan how each party will pay for her share of the household expenses.

Mediator

The owners should draw up the agreement with the acknowledgment of a third party, such as a lawyer, to ensure that each side is content with the arrangement. The housemates will then sign the property sharing agreement.

Benefits

The benefit of a property sharing agreement is that each party will know what is expected of him. It also holds the other party responsible for his portion of the property.

References

• Net Lawman: House Share Agreement: Two Owners