Land ownership brings with it many benefits (recreational use, income from forest management) and responsibilities (taxes, maintenance). These benefits and responsibilities can be complicated when there are multiple owners in a direct form of ownership. To reduce the likelihood of disputes, landowners who co-own land may want to consider a land ownership agreement. A land ownership agreement is a contract between two or more persons who own a piece of property together. The agreement typically describes each party’s
- right to use the land
- obligation to pay taxes
- responsibilities for maintenance of the property
- entitlement to profits
- transfer rights in the property
A land ownership agreement can outline the rights and responsibilities of owners in an effort to avoid conflict and increase the enjoyment of ownership. An ownership agreement can be a very good way for landowners to establish a workable solution for owning land together and can be used in combination with the forms of direct ownership that result in multiple owners. It can be a legal document drafted by an attorney or something simple that documents how a property is to be used as well as expectations for sharing costs and benefits in order to avoid disagreements over time.
James C. Finley Center for Private Forests
Address
416 Forest Resources BuildingUniversity Park, PA 16802
- Email PrivateForests@psu.edu
- Office 814-863-0401
- Fax 814-865-6275
James C. Finley Center for Private Forests
Address
416 Forest Resources BuildingUniversity Park, PA 16802
- Email PrivateForests@psu.edu
- Office 814-863-0401
- Fax 814-865-6275
