What is a co-ownership agreement and do I need one?

A typical co-ownership agreement defines the financial contributions each party made towards the purchase price and the responsibility for any mortgages registered against the title. It also clarifies the percentage contribution that each owner must make towards common expenses – such as property taxes, minor repairs, utilities, cable, and strata maintenance fees. The co-owners may also be interested in defining the “ground rules” about the use of the property and mechanism for buy-sell when co-owners wish to part ways. The benefit of having a co-ownership agreement is that parties address any issues upfront to prevent disagreements and uncertainties down the road.