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AL1711 · Apr 2, 2009, 07:38 AM

I along with 4 family members purchase a property in Florida. Each of us are included on the deed. The property is held in joint tenancy in common.
We would like to establish a "partnership agreement" between us. We are all equally invested, however we would like to outline the "rules" for usage of this property. This will be a vacation place for each of us and not used as a rental property. Can we have a separate agreement which would be signed by each of us, witnessed, notarized? And, if so will this agreement hold up in a court of law or will the deed the ruling document should one of the owners not abide by "rules".

AK lawyer · Apr 2, 2009, 02:37 PM

Yes, you can and should put together a partnership agreement like you describe.

excon · Apr 3, 2009, 06:37 AM

Originally Posted by AL1711

And, if so will this agreement hold up in a court of law or will the deed the ruling document should one of the owners not abide by "rules".

Hello A:

Of course, you can form a partnership. You already have one, even IF you don't memorialize it with an agreement. However, the sanction for violating your "rules", can't be keeping an owner from his property. If you try that, the deed will rule.

excon