Some of the most important notions to consider in a condominium agreement are the following: in case of disagreement related to real estate, these are usually relatively large figures in dollars. A party that may not be ready to compete for more than 1000 $US can change its melody if you add a few more zeros to the equation. A good condominium agreement will easily save tens of thousands of dollars in attorneys` fees, helping to avoid litigation as a whole and reducing the focus of those disputes when they occur. Essentially, a condominium contract allows parents and children to share the family home by mutual agreement during the parents` lifetime and also creates a structure for the future use of the cabin after the parents` death. While condominium agreements are not without problems, they can, if properly formulated, address some of the problems that typically arise in family cottages. Indeed, the tax impact, the cost of repairs and maintenance, who can use the cabin and especially when. These problems are often the subject of family struggles and can give rise to disputes. Buy the co-owner in an agreement. The second option would buy the co-owner. If the two co-owners cannot agree to sell the property, one of the co-owners may choose to buy the other owner`s share in the house. As soon as the co-owner gets full ownership of the house, he is the sole owner of the property and can sell or keep the house if he wishes. Conceptually, the co-ownership contract is the first and last word on any real estate investment issue. .