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Land co-ownership can be a rewarding experience for property owners, but without a written agreement, owners could dispute their relationship and intent to own the property collectively. To reduce the likelihood of expensive disputes or litigation, a contract is recommended. A land co-ownership agreement is a contract between two or more people to own a piece of property together that sets forth each party's right to use, obligation to pay taxes and upkeep on, entitlement to profits from, and transfer rights in the property. A LegalZoom Land Co-Ownership Agreement can encourage a successful relationship between co-owners and lay the foundation for a profitable venture.
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