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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, December 14, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will guide real estate practitioners through the essentials of drafting real property joint ownership agreements to establish the ownership structure, the parties' complex rights and obligations under the agreement, possible exit strategies, and avenues of dispute resolution in the event issues arise. The panel will present best practices for drafting and key pitfalls to avoid.

Faculty

Kathryn E. Allen
Founder
The Law Office of Kathryn E. Allen, PLLC

Ms. Allen is an attorney providing legal services covering Business Litigation and General Litigation, Oil and Gas, and Real Estate. She has practiced for over 30 years, is board certified in Civil Trial Law, and was selected to Super Lawyers for 2006.

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Andy Sirkin
Founder
SirkinLaw APC

Mr. Sirkin has focused on real estate co-ownership since 1985 and has been involved in the creation of more than 5,000 co-ownership arrangements throughout the U.S. and the world. This breadth of experience allows him to draw on a huge library of fractional project documentation as well as extensive knowledge of marketing and registration requirements for virtually any location where a project might be located or potentially marketed. of factional interests. Mr. Sirkin’s practice is devoted primarily to shared ownership, including fractional ownership of vacation homes and resorts, equity sharing and related alternatives to mortgage financing and equity access, tokenization of real estate ownership and investment, tenancy in common (TIC) for both occupancy and investment, subdivisions and condominium conversions, investment partnerships, crowdfunding, private securities offerings, and other co-ownership matters. He works on projects ranging from individual homes to large developments, and represent sellers, buyers, developers, internet entrpeneurs, and real estate professionals of all kinds. Mr. Sirkin was an accredited instructor with the California Department of Real Estate, and frequently conducts TIC, equity sharing and fractional ownership workshops for buyers, sellers, developers, and real estate agents.

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Description

Numerous issues may arise when various parties share the ownership of real property. Therefore, drafting a comprehensive joint ownership agreement with provisions to minimize risk for each party, as well as potential avenues for dispute resolution, is critical when parties collaborate on the purchase of real property.

The provisions contained in the agreement vary based on the parties to the agreement and their goals for the property--from family and friends purchasing property for recreational purposes to professional associates purchasing property for a new business venture. One of the most important initial considerations is outlining the ownership structure. For example, will the parties own individual interests in the real property or interests in an entity that owns the property? If the parties own individual interests in the property directly, will they be tenants-in-common or joint tenants with right of survivorship? Counsel should understand how these and other significant initial considerations affect the provisions in the agreement.

Counsel must avoid pitfalls and conflicts to minimize owner disputes and operational problems when drafting or amending joint ownership agreements. Using boilerplate language is ineffective at best and risky in dealing with the parties' specific needs and expectations.

Listen as our expert panel provides practitioners with a clear understanding of how to draft effective joint ownership agreements, avoid common pitfalls, and amend existing documents.

Outline

  1. Introduction
  2. Common issues between joint owners of real property
  3. Drafting the joint ownership agreement to minimize risk
    • Ownership structure and individual ownership percentages
      • Direct ownership interest in the real property
        • Tenants-in-common
        • Joint tenants with right of survivorship
      • Interest in ownership entities
      • Other ownership structures
      • Considerations for choosing the right ownership structure
    • Individual contributions (financial and non-financial)
    • Financing/mortgage information
    • Mechanics of payment
    • Paying taxes
    • Decisions regarding use of property
    • Maintenance and repair management; property modification
    • Expense allocation
    • Distributions of profits
    • Transferability of interests
    • Notice requirements
    • Governing law
    • Dispute resolution
      • ADR
      • Partition
    • Other considerations
  4. State specific considerations
  5. When and under what circumstances should agreements be updated
  6. Best practices for drafting; costly pitfalls to avoid

Benefits

The panel will review these and other key considerations:

  • What are initial considerations for counsel before drafting the agreement?
  • What are the options for ownership structure in a real property joint ownership agreement?
  • How does the ownership structure affect the provisions to be included in the agreement?
  • What exit strategies and options for dispute resolution should counsel include in the agreement?
  • When and under what circumstances should agreements be updated?