Joint Ownership Agreement Attorneys In Dane County
When it comes to owning property in Wisconsin, there are different options. If you’re considering buying a home or other piece of real estate, joint ownership might sound like the right option for your situation.
However, before finalizing your ownership, it’s crucial that you understand all the details of joint ownership and establish a sound agreement. At W.R. Stewart & Associates, S.C., our real estate attorneys have over 75 years of combined experience and know how to navigate this situation, so everyone involved feels confident moving forward.
What Exactly Is Joint Ownership?
Joint ownership, also known as joint tenancy, is when two or more people own property together through a legal arrangement. Any two or more people can join in this type of agreement, including married and unmarried couples, friends, family members and business partners.
This type of arrangement is increasingly popular as it allows two or more people to be legally involved in the ownership of the property. This means you’re not solely responsible for the home or property, as it’s shared between you and your spouse or other parties. As everyone involved has an equal interest, they have equal financial obligations and benefits from the property as well.
Joint ownership also has what is called a “right of survivorship.” This means that if one party to the ownership dies, their interest is automatically transferred to the remaining owners. This helps people avoid the lengthy process of probate.
Understanding the many aspects of joint ownership can be overwhelming. Our lawyers have the knowledge necessary for you to make an informed decision about your property.
Helping You Create A Joint Ownership Agreement
While a joint ownership agreement isn’t a requirement to enter into joint tenancy, we believe it’s an important step when deciding to own property together with other people. A joint ownership agreement may help you address issues ahead of time and provide solutions for how to resolve disagreements between the parties should any arise. Disputes between co-owners can complicate your overall ownership of the property, especially if someone decides to leave.
At W.R. Stewart & Associates, S.C., our skilled attorneys can help you prepare an agreement that includes:
- Ownership interests and financing
- Property maintenance
- Division of mortgage payments
- Each owner’s rights and responsibilities
- The property’s use or sale
- How to handle a co-owner failing to fulfill their duties
- Conflict resolution options such as mediation
By taking the time to carefully consider all these crucial elements, you will be much more prepared moving forward with a joint ownership. Our attorneys will draft and negotiate the right terms of the agreement, so everyone involved is on the same page.
Contact W.R. Stewart & Associates, S.C., Today To Get Started
If you’re considering joint ownership of real estate, don’t hesitate to seek help from an attorney first. Call us today at 608-509-9049 for a consultation or send an email through the online form. We represent clients throughout Madison and Dane County.