Need advice on Co-ownership Agreement.

Technically, no, such an agreement is not "required." However, you are smart to avoid putting all of your faith in a pre-existing friendship (for the benefit of ownership and the friendship). A strong agreement should cover things such as use and payment of rent between the co-owners, duties of repair, payment of expenses/taxes, the sale of the property, assignment of rights, survivability, and any other thing you can think of that might occur during the time you own the property.

Typically, the seller has a lawyer draft the purchase agreement. Disclaimer - This information is provided for general informational purposes only. No information contained in this post should be construed as legal advice and does not establish an attorney-client relationship.

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

Please submit a proposal for lawyers to bid on.

Hi there, For a definitive answer, a lawyer would need to see the exact lease language; however, it is very unlikely that not renewing a lease would result in a free month of rent (unless there is another part of the lease that is relevant or there was an error in creating the document).