Lazy days by the lake, casual dinners on the deck, and cozy nights by the bonfire – the stuff that memories are made of. After a long, cold winter, cottage season has finally arrived and is undoubtedly in full swing. Although most of us own our own home, many of us share family cottages with siblings or perhaps jointly own a cottage with a few close friends. Whatever your specific situation, if you planning to or already share ownership of a cottage with others, consider the importance of having all the owners negotiate and sign a cottage agreement.
The benefits of a cottage agreement are many. For one, the very process of negotiating the clauses of the agreement will force the parties to turn their attention to the plethora of issues that may arise with shared ownership. It also allows the parties to discuss potential problem areas as well as decide how any disputes will be settled before they actually arise. It can also set the ground rules for determining a wide range of issues from setting a usage schedule to who pays for services and improvements to what happens if one owner wants to sell.
Over the next couple of blogs, I will set out a series of questions to get you thinking about the issues you may want to address in your cottage agreement. Stay tuned!
Reproduction of this blog is permitted if the author is credited. If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information. Please consult a lawyer or other professional to determine how the information in this blog might apply to you.
Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
