ContractsCounsel Logo
Home Types of Contracts Joint Ownership Contract

Jump to Section

ContractsCounsel has assisted 184 clients with joint ownership contracts and maintains a network of 111 business lawyers available daily. These lawyers collectively have 15 reviews to help you choose the best lawyer for your needs.

A joint ownership contract clearly outlines the owner's rights and responsibilities regarding the property and provides a legal structure for any queries. This contract is also known as a joint venture or co-ownership agreement. Curating a good contract is of utmost importance as it helps to settle disputes between joint owners. This type of legal document is often used with intellectual property when multiple parties contributed to creating the property. This document helps in protecting the asset or property when two or more people are involved. Let's go through the blog to understand more about joint ownership contracts.

Transfer and Sale Aspects of a Joint Ownership Contract

In the event of a transfer or sale, there is a systematic procedure to conduct the same. Since this type of ownership involves multiple partners, the sale decision-making cannot be done solely unless the others agree to allow that to happen. It includes:

  • No Voluntary Transfer: The parties own the property with full faith; accordingly, they have no right to invest any portion of their interest without informing other parties. Approval is of utmost importance before the transfer.
  • Written Notice: In situations wherein a single party is interested in the sale of the property or asset, a written notice shall be issued, without which it is considered invalid.
  • Professional Agents: A proper real estate agent is involved in the listing process in a joint ownership contract. There is a Third-party involvement in the appraisal.
  • Co-Owning Party: Since now the property is listed in the market, and anyone can buy it, the partners can purchase it too, which will be under the appraised value.
  • Dividing Profits: When the intellectual property is sold, the profits shall be divided equally or by the profit-sharing ratio described in the joint ownership contract.

Dispute Resolution in a Joint Ownership Contract

A joint ownership contract has necessary arrangements for a breach or dispute. The contract may also create a set timeline with each step, which can save some time and money for the partners involved in the dispute. This can be done through mediation or a lawsuit. It consists of:

  • Informal Ways of Dispute Resolution: This involves a dispute notice clearly explaining the dispute and the parties therein. Further, an executive officer shall be in charge of settling the dispute.
  • Arbitration Proceeding: If the arbitration officers appointed by each party fail to settle the dispute, it shall be solved by an arbitration proceeding. This shall be done only after 15 days of the notice being issued.
  • Incurring Expenses: Each party involved shall be liable for the expenses provoked by informal or an arbitration form of settlement. The cost of the third arbitrator will be distributed more or less equally amongst the contract's parties.
  • Duties in Joint Ownership: The working shall be stopped when a solution is agreed upon and the dispute is settled.
  • Decisions Regarding Arbitration: The arbitrator is liable for a decision within 90 days of deciding on arbitration. The arbitrator will keep the terms the same, according to him.
Meet some lawyers on our platform

Jared F.

11 projects on CC
CC verified
View Profile

Forest H.

229 projects on CC
CC verified
View Profile

Bryan B.

270 projects on CC
CC verified
View Profile

Brian S.

15 projects on CC
CC verified
View Profile

Advantages of a Joint Ownership Contract

A joint ownership contract has a lot of perks, and this is the reason for its adoption by many people in business. Currently, this form of real estate is the highest in demand and comes with affordability. The co-owners of the property or an asset relish several benefits. A few are:

  • Receiving Rent and Profits: Each individual involved in a joint ownership contract usually receives an equal share of the rent and profits.
  • Avoiding Costly Probate: In a joint ownership contract, survivorship and an explanation of how the asset will be dispensed exist. This benefits the expensive probate courts.
  • Reducing the Initial Investment: Since multiple partners are involved in purchasing a single entity, the cost incurred in the initial investment is low. In a joint ownership contract, each owner pays a very small amount.
  • Segregating Responsibility: Responsibilities such as tax and maintenance costs are allocated amongst the parties involved in the joint ownership contract. No burden on one party and the cost also gets reduced.
  • Handling Disputes: A joint ownership contract handles the disputes among the parties. It lays down a proper procedure and people involved in handling such issues.

Steps to Draft a Joint Ownership Contract

A proper step-by-step guide exists for creating a joint ownership contract. A joint ownership contract reduces risk and gives shape to an agreement. It is advisable to hire a lawyer to help formulate a legal contract.

  1. Establish a Relationship. The first step is to create a legal document that the parties sign that indicates their relationship. Here, parties analyze their rights carefully.
  2. Calculate Ownership Percentage. Each party's involvement and goals are considered to calculate the respective percentages.
  3. Recognize the Parties Involved. Make sure the parties involved are of legal age and extract all the required information about the parties.
  4. Define the Rights and Responsibilities. Indicating the responsibilities of each party and seeing if they understand their duties well.
  5. Implement a Dispute Resolution Process. Implement a systematic process in case of arguments, whether or not a mediator is used.
  6. Include Other Legal Considerations. Other legal considerations in a joint ownership contract include tax laws etc.
  7. Check and Review the Contract. A thorough check must determine whether all the terms and conditions have been agreed upon. Proofread the document for any modifications that have been omitted before.
  8. Consult a Lawyer. Appointing a lawyer specializing in real estate is paramount. The lawyer has an unbiased say in your contract and all the power to make necessary amendments. The document is ready to proceed when the lawyer gives a green signal.
  9. Maintain a File System. Maintaining a secure filing system is an essential requirement in a joint ownership contract. Attach relevant documents alongside. A physical folder and an online tab should be prolonged to keep track.
  10. Register the Contract. After completing all the necessary steps, it is time to formally register the contract with the respective legal authorities.

Key Terms for Joint Ownership Contracts

  • Confidential Information: A constitutional clause, statute, act, code, law, rule, regulation, ordinance, control, decree, ruling, condemnation, or decision of a State Authority.
  • Third-Party Claim: A claim, request, basis for action, or proceeding restored or initiated by an individual, not one of the Parties or a subordinate of a Party.
  • Mortgage: To mortgage, vow, encumber, or the like as a verb; and as a noun, a loan, trust act, commitment, encumbrance, pledge, lien, or other interest.
  • Ownership Share: It refers to a group of shares that guarantees its(their) shareholder(s) the individual and/or shared exercise of the Company's Controlling Power, whether directly or indirectly.

Final Thoughts on Joint Ownership Contracts

A Joint ownership contract justifies the expectation of co-owners and creates binding commitments. Are the mortgage contributions changing with time? How is the responsibility for damages divided between parties? If one needs clarification on these questions, it is highly recommended to consider this contract as a valuable tool. Also, a joint ownership contract can be entered alongside a marriage contract which will be helpful in case of a future divorce.

If you want free pricing proposals from vetted lawyers that are 60% less than typical law firms, you can click here to get started. By comparing multiple proposals for free, you can save the time and stress of finding a quality lawyer for your business needs.


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


Need help with a Joint Ownership Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,328 reviews

Meet some of our Joint Ownership Contract Lawyers

Chris D. on ContractsCounsel
View Chris
5.0 (10)
Member Since:
September 11, 2023

Chris D.

Family, Estate, and Contracts Lawyer
Free Consultation
Los Angeles. California
16 Yrs Experience
Licensed in CA
Southwestern Law School

With over 15 years of legal experience, I was admitted to the bar in 2008 and have since cultivated a diverse legal background. My expertise spans family law, estate planning, healthcare regulatory matters, and business law. I have a particular knack for crafting meticulous contracts. My approach is client-centric, ensuring that every individual receives personalized, knowledgeable guidance tailored to their unique situation. Partner with me, and let's navigate the complexities of the law together. www.downslawla.com

Rebecca S. on ContractsCounsel
View Rebecca
5.0 (2)
Member Since:
April 6, 2021

Rebecca S.

Attorney/Owner
Free Consultation
San Diego, CA
13 Yrs Experience
Licensed in CA, DC, VA
New England School of Law

I absolutely love helping my clients buy their first home, sell their starters, upgrade to their next big adventure, or transition to their next phase of life. The confidence my clients have going into a transaction and through the whole process is one of the most rewarding aspects of practicing this type of law. My very first class in law school was property law, and let me tell you, this was like nothing I’d ever experienced. I remember vividly cracking open that big red book and staring at the pages not having the faintest idea what I was actually reading. Despite those initial scary moments, I grew to love property law. My obsession with real estate law was solidified when I was working in Virginia at a law firm outside DC. I ran the settlement (escrow) department and learned the ins and outs of transactions and the unique needs of the parties. My husband and I bought our first home in Virginia in 2012 and despite being an attorney, there was so much we didn’t know, especially when it came to our HOA and our mortgage. Our real estate agent was a wonderful resource for finding our home and negotiating some of the key terms, but there was something missing in the process. I’ve spent the last 10 years helping those who were in the same situation we were in better understand the process.

Jason P. on ContractsCounsel
View Jason
5.0 (5)
Member Since:
December 1, 2022

Jason P.

Business Lawyer
Free Consultation
Portland, OR
8 Yrs Experience
Licensed in OR, WA
Lewis & Clark Law School

Jason is a self-starting, go-getting lawyer who takes a pragmatic approach to helping his clients. He co-founded Fortify Law because he was not satisfied with the traditional approach to providing legal services. He firmly believes that legal costs should be predictable, transparent and value-driven. Jason’s entrepreneurial mindset enables him to better understand his clients’ needs. His first taste of entrepreneurship came from an early age when he helped manage his family’s small free range cattle farm. Every morning, before school, he would deliver hay to a herd of 50 hungry cows. In addition, he was responsible for sweeping "the shop" at his parent's 40-employee HVAC business. Before becoming a lawyer, he clerked at the Lewis & Clark Small Business Legal Clinic where he handled a diverse range of legal issues including establishing new businesses, registering trademarks, and drafting contracts. He also spent time working with the in-house team at adidas® where, among other things, he reviewed and negotiated complex agreements and created training materials for employees. He also previously worked with Meriwether Group, a Portland-based business consulting firm focused on accelerating the growth of disruptive consumer brands and facilitating founder exits. These experiences have enabled Jason to not only understand the unique legal hurdles that can threaten a business, but also help position them for growth. Jason's practice focuses on Business and Intellectual Property Law, including: ​ -Reviewing and negotiating contracts -Resolving internal corporate disputes -Creating employment and HR policies -Registering and protecting intellectual property -Forming new businesses and subsidiaries -Facilitating Business mergers, acquisitions, and exit strategies -Conducting international business transactions ​​ In his free time, Jason is an adventure junkie and gear-head. He especially enjoys backpacking, kayaking, and snowboarding. He is also a technology enthusiast, craft beer connoisseur, and avid soccer player.

Bruce B. on ContractsCounsel
View Bruce
5.0 (13)
Member Since:
January 11, 2022

Bruce B.

Managing Attorney
Free Consultation
Tampa, FL
9 Yrs Experience
Licensed in FL
University of South Carolina

Bruce Burk practice is in the area of small business, labor and employment, contracts, real estate and civil litigation. Bruce has litigated over 40 trials as well as many appeals. He prioritizes client communication and satisfaction as well as delivering high quality work product.

Cory B. on ContractsCounsel
View Cory
5.0 (1)
Member Since:
November 29, 2021

Cory B.

Attorney-at-Law
Free Consultation
Bellaire, OH
8 Yrs Experience
Licensed in OH
Duquesne University School of Law

Attorney Cory Barack specializes in business, real estate, probate, and energy law. He can help you with oil/gas leases, easements, property sales, drafting contracts and wills, setting up companies, and resolving disputes. He is licensed to practice law in Ohio and is located in Eastern Ohio.

Daehoon P. on ContractsCounsel
View Daehoon
4.7 (119)
Member Since:
November 26, 2021

Daehoon P.

Corporate and Commercial Lawyer
Free Consultation
New York, NY
9 Yrs Experience
Licensed in NY
American University Washington College of Law

Advised startups and established corporations on a wide range of commercial and corporate matters, including VC funding, technology law, and M&A. Commercial and Corporate Matters • Advised companies on commercial and corporate matters and drafted corporate documents and commercial agreements—including but not limited to —Convertible Note, SAFE, Promissory Note, Terms and Conditions, SaaS Agreement, Employment Agreement, Contractor Agreement, Joint Venture Agreement, Stock Purchase Agreement, Asset Purchase Agreement, Shareholders Agreement, Partnership Agreement, Franchise Agreement, License Agreement, and Financing Agreement. • Drafted and revised internal regulations of joint venture companies (board of directors, employment, office organization, discretional duty, internal control, accounting, fund management, etc.) • Advised JVs on corporate structuring and other legal matters • Advised startups on VC funding Employment Matters • Drafted a wide range of employment agreements, including dental associate agreements, physician employment agreements, startup employment agreements, and executive employment agreements. • Advised clients on complex employment law matters and drafted employment agreements, dispute settlement agreements, and severance agreements. General Counsel • As outside general counsel, I advised startups on ICOs, securities law, business licenses, regulatory compliance, and other commercial and corporate matters. • Drafted or analyzed coin or token sale agreements for global ICOs. • Assisted clients with corporate formations, including filing incorporation documents and foreign corporation registrations, drafting operating and partnership agreements, and creating articles of incorporation and bylaws. Dispute Resolution • Conducted legal research, and document review, and drafted pleadings, motions, and other trial documents. • Advised the client on strategic approaches to discovery proceedings and settlement negotiation. • Advised clients on employment dispute settlements.

Cameron S. on ContractsCounsel
View Cameron
Member Since:
January 24, 2022

Find the best lawyer for your project

Browse Lawyers Now

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a Joint Ownership Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,328 reviews
Business lawyers by top cities
See All Business Lawyers
Joint Ownership Contract lawyers by city
See All Joint Ownership Contract Lawyers

ContractsCounsel User

Recent Project:
Joint ownership agreement
Location: California
Turnaround: Less than a week
Service: Contract Review
Doc Type: Co-ownership Agreement
Page Count: 15
Number of Bids: 5
Bid Range: $420 - $1,250
User Feedback:
thank you for fast respond and revised

ContractsCounsel User

Recent Project:
Cohabitation agreement
Location: Louisiana
Turnaround: Over a week
Service: Contract Review
Doc Type: Co-ownership Agreement
Page Count: 3
Number of Bids: 2
Bid Range: $500 - $850

Need help with a Joint Ownership Contract?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,328 reviews

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city