Personal Areas Sample Clauses

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Personal Areas. [Enter complete details about the Personal Area exclusively to be owned and possessed by each Owner in clear terms. A plan may be necessary]. This template is applicable where a residential property is to be purchased under joint ownership. It serves two purposes: first it is a trust deed, setting out the ownership shares; secondly it is a “sharing agreement” regulating the arrangements between the owners for all practical matters. You should make sure your solicitor/conveyancer/settlement agent has bought the property for you as tenants in common (as opposed to joint tenants) and you should insure it in your joint names. You should use the names of all of the owners to replace “(ABC)” and “(DEF)”. Simply insert their names in the agreement as and where required. Note: numbering refers to paragraph numbers.