Co-ownership agreements

What is a Co-Ownership Agreement?

A Co-Ownership Agreement is a legally binding contract between two or more people who purchase property together. It sets out ownership shares, responsibilities, financial contributions, and decision-making rules—helping prevent disputes down the road.

At Kearns & Company Law Group, we make the process clear, practical, and stress-free. Whether you’re buying with family, friends, or a partner, we’ll ensure your agreement protects everyone involved.

Why do you need a co-ownership agreement?

Buying property together can be exciting—but also complicated. A Co-Ownership Agreement ensures:

Fairness and clarity – Everyone’s financial contributions and responsibilities are documented.
Protection from disputes – Rules for selling, refinancing, or handling repairs are agreed in advance.
Peace of mind – If circumstances change, you won’t be left scrambling for solutions.

Without a written agreement, you’re relying on assumptions, which can quickly turn into costly conflicts.

Examples of When You Need a Co-Ownership Agreement

Unmarried couples living together: Clarify financial and property rights to avoid complications if the relationship ends.
Buying with family: Siblings inherit or purchase property together and want to avoid future disagreements.
Friends purchasing real estate: Friends investing in a home or rental property together want clear ground rules.
Investment partnerships: Business partners pooling funds to buy real estate need a structured framework.
Vacation properties: Co-owning a cabin, cottage, or second home is smoother when expectations are set in writing.

What Happens if You Don't have co-ownership agreement?

If property is jointly owned without a formal agreement:

Disputes may arise over repairs, expenses, or renovations.
Unequal contributions can cause resentment if not properly recorded.
Selling the property can be difficult if one person wants to cash out and others don’t.
Legal action may be required, which can be expensive and damaging to relationships.

For unmarried couples, the absence of an agreement can create serious legal and financial uncertainty—especially when property rights aren’t automatically protected under family law.

An ounce of prevention is worth a pound of cure...

What can kearns & co can help you with

Simplify Your Refinancing

Looking into getting financing for a property? Our legal team has prepared mortgages for nearly every institutional lender in Canada. We make it as simple as possible for you to meet requirements of a loan so that you can get the money you need quickly. Even though the bank is our client in this type of transaction, we still treat you as a valued client too.

Choose Kearns & Co to complete the necessary legal work on behalf of your financial institution or mortgage broker.

Save Money on Family Transfers

The need to transfer property from one family member to another or to remove someone from a title may arise. If it does, there are legal ways to save thousands of tax dollars if you know how. Let Kearns & Co. get creative to figure out the most beneficial way to carry out your family transfers.

Protect Yourself With Title Insurance

We advise all clients to have title insurance, because it can protect you from things like title fraud, pre-existing non-permitted work, or zoning violations. Due to the volume of policies we purchase, Kearns & Co. clients benefit from a discounted rate for title insurance, or a free home owner’s policy.

Cover All Your Bases With Real Estate Contract Preparation and Review

If you’re selling your home independently, our legal team can prepare or review the Contract of Purchase and Sale to make sure that you are not vulnerable to any legal issues so that your sale goes smoothly.