Shared Ownership of Family Cottages, Part Three: Creating a Governance Agreement for a Shared Property

Once you have decided to pass the family vacation property to the next generation, and you have chosen the ownership form you want to use, the last step in preparing for the transfer is to create an agreement that spells out the use and maintenance of the property and governs a family member’s exit from ownership (if that becomes necessary). Learn more about the issues that should be addressed when creating this agreement and setting rules of use for the shared property.

For the insights and guidance on making a decision about shared ownership of family cottages, see Part One. For insights on the ownership structures, see Part Two.