Co-ownership refers to two or more people owning the same asset; if you intend to make a profit from your asset, the same arrangement can be viewed as a co-proprietorship. If you and another party own some sort of property together, it’s in your best interests to speak with a Montréal business lawyer who understands the various types of co-ownership and co-proprietorship to ensure that you’re operating within the limits of Québec and Canadian law.
There are two types of co-ownership: divided and undivided. A condo is an example of divided ownership, while a home purchased by two spouses, a property inherited by family members, or a duplex owned by business partners are all examples of undivided ownership.
The Declaration of Ownership
Québec law requires that the rights and responsibilities of each owner in a divided ownership must be outlined in a contract; that contract is commonly called the declaration of ownership. No such obligation exists for undivided co-ownership, but having a solid indivision contract that you can present to the court is always beneficial. An indivision agreement will describe which parts of the property are reserved for what purposes, and who can use them for those purposes.
In either type of ownership, you may find that you need a lawyer to ensure that your rights as a co-owner are protected. I pledge to put your needs first and ensure that you have answers to all of your questions. If you need to litigate against another co-owner, I can help you make an informed decision and fight for your rights.
Call me at (514) 381-3064, EXT 204, to discover how I can assist you with co-ownership and co-proprietorship.