Cohousing-L Mailing List: Joint ownership of units

[Julie Ellen Boleyn (ellen]

This message is from Teriko Moriyasu, please send all direct replies to 
teriko [at] teleport.com. 

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Our group, Trillium Hollow, is in the process of selling units.  Because
of ever increasing cost of construction, some of our members are unable to
afford their units by themselves.  So, several of us have offered to do a
joint ownership whereby the co-owner purchases let's say 5% of another
person's unit for them.  When the unit is sold sometime in the future, the
co-owner would receive 5% of the sale price.  We'd like it simple, so the
person that is living there wouldn't have to pay rent or royalties or
interest or anything to the co-owner. 

Does anyone have a sample co-ownership contract.  Something simple,
something legal, something more than a handshake...  Has anyone had some
good/bad experiences with this? 

Teriko