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Terms in this set (109)

1. The names and addresses of the owners

2. Recitals. A brief history of the relationship of the cotenancy may be stated to explain the agreement.

3. Term of Agreement.

4. Not a partnership. Co-ownership of real property does not in itself make the owners partners. Partners are responsible for each other's activities in connection with the partnerships liabilities and assets. Co-owners are just that and the agreement will state as such.

5. Managing Cotenant. Consent of the other owners has been indirectly given by the appointment of the managing owners.

6. Banking arrangements. who are authorized to sign checks and conduct banking transactions on behalf of the owners.

7. Owners' cash contribution and remedies for failure to make contributions.

8. Allocation of income and profits

9. Sale of the property as a whole - procedure established in the cotenancy agreement for sale of the property.

10. Sale of an owner's undivided interest in the property. To avoid having this happen, they include a procedure to protect against this happening.

11. Remedies for an owner's failure to perform -

12. Partition. Rights of partition are waived to avoid the property being divided and sold.

13. Successors and assigns. All parties, are bound by the agreement even their successors and assigns until termination.

14. Counterparts. If owners live in different parts of the country, the signatures can be executed in separate counterparts.

15. Signature and witnesses. All cotenancy agreement require signatures to be witnessed and notarized. Parties may choose to record the agreement as public record in the county where the property is located.