Right of Use Agreement for Vacation Property

Do you own a vacation property in common with one or more other owners? Make sure the rights and obligations of the co-owners are clearly set out with this Right of Use Agreement Between Co-Owners ⁄ Tenants in Common.

Provisions of the Agreement include:

• the use periods for each co-owner during the calendar year,
• the right of each co-owner to sublease the vacation property to someone else during their assigned use period if they are unable to use it,
• leasing to third parties during the balance of the year,
• retaining a property manager to look after the property during those times when the co-owners are not there,
• allocation of payment of taxes, costs and expenses among the co-owners,
• procedure for selling, mortgaging or dealing with a co-owner's interest if the other co-owners have no pre-emption rights,
• if there are pre-emption rights, the other co-owners have a right of first refusal before any co-owner can deal with his/her percentage interest.

This Right of Use Agreement for Vacation Property is available in MS Word format, and is fully editable to meet your needs.