Among Beneficiaries Establishing Co-ownership,
Among Beneficiaries Establishing Co-ownership
The agreement among beneficiaries establishing co-ownership is normally made with all the beneficiaries of a trust agreement of land. This agreement is made with a corporation who acts as a trustee as per the laws of the state.
In this agreement it is stated that the parties share of whatever income or profits or earnings there arise out of the property as per the percentages stated in the agreement. The parties also will need to open a checking account and the name under which the account is to be created is also mentioned. It also states that the account needs signatures of any two of the parties in order for a withdrawal to be made. Also, if there are cash receipts, this is to be deposited into the account and all the expenses with regards the property such as the taxes, legal fees, insurance, accounting fees etc will be paid out of the same account.
It states that all the income, the expenses, withdrawals, assets and liabilities including the advances are to be maintained by the accounts who are named and that is to be maintained as per the accounting principles and with full and accurate books of accounts.
It also says that none of the parties can obligate others for any liabilities with regards the property nor can they make any deals on behalf of the others and they only are liable for their share of the purchase price, the special assessments, taxes, insurance, advances and other such expenses.
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