If you decide not to consult a lawyer before entering into a condominium partnership, make sure there is a clear co-ownership agreement that indicates who is responsible for what and, if you disagree, how these discrepancies are resolved. If you own a horse together or intend to buy a horse with someone else, it is important that you have a legally binding document that contains the details – a condominium contract. In the absence of a co-ownership agreement, there are more disputes that can be difficult and costly to resolve. Beyond a clear co-ownership agreement, it is always important to have a „stalemate“ or „tie-breaker“ procedure if the co-owners cannot agree, especially when there are only two owners and it cannot be settled by a vote. For example, if a co-owner wants to move the horse to another trainer or to another barn, the other non-owner, should the horse stay where it is or can the co-owner move it? We will work with you to gather all the information and establish a detailed co-ownership agreement, tailored to your circumstances. I had a client who was in this particular situation and who was deadlocked when the other co-owner discreetly moved the horse and refused to reveal his location. The horse was eventually found, but of course the relationship between the owners was ruined. Therefore, if a detail is not decided in advance, there should be a mechanism to resolve a disagreement or impasse, otherwise the situation might be out of the question. Another problem to take into account is that if one of the co-owners is not a rider, can this co-owner allow a friend or family member to ride the horse? I didn`t expect to share the car with my roommate`s friend. Sharing a horse is like sharing a car. Certainly, the majority of co-owners is more responsible for the maintenance of a horse than we were about our car, but disagreements about veterinary fees or alternative care costs to use, which trainers to use that shows to visit, which owner will show it when selling the horse, who is responsible for insurance, advice and training fees , etc. can turn a good idea into a bad idea and sometimes at the expense of the welfare of the horse. If an owner does not assume his responsibilities, it is very important to ensure that the horse always receives the care it needs, regardless of what is shaking between the owners.
For example, there was a situation in which a client started as a minority co-owner, but through a number of installments to the other owner, he became the majority co-owner. The contract gave the other owner the right to make all decisions, including when the horse was to be sold, which was useful at first, but not in the end, when the customer became majority owner. It was certainly an unfair situation that had not been thought of before, and the situation became controversial when the client wanted it. Lawyers can be helpful because they can provide clarity and advice on co-ownership agreements, and they are also trained to detect potential problems that parties may see overlooked or not coming. While a lawyer is often considered an additional expense, you can consider the cost as similar to checking a horse. A veterinarian examines a horse before buying it to make sure the horse is healthy, has no hidden defects and can serve the purpose for which the customer buys it. A lawyer strives to ensure that the co-ownership contract is fair to the horse, that it has no hidden problems and that it can serve the purpose for which the client concludes it.