Sample Co-Ownership Agreement
What's actually in the document that governs your ownership?
Every CoHaven co-owner group has an Operating Agreement drafted specifically for them — this isn't that document, but here's an honest look at what one actually covers, section by section.
Why this page exists...
One of the most common things prospective co-owners want to see before committing is the actual governing document — not a sales page describing it, the real thing. That's a fair ask, and it's also not something CoHaven can show generically: every Operating Agreement is drafted individually, by Bill Ketchersid, specific to that group's usage preferences, property, and circumstances.
What this page can do is walk through, in plain language, what a real Operating Agreement actually contains — so you know what to expect before you're sitting across from an attorney reviewing your own group's version.
The sections every Operating Agreement covers.
Formation & Purpose
Establishes the LLC itself — its name, its purpose (holding and governing the specific property), and each member's ownership percentage.
Usage Rights & Scheduling
How time at the property is allocated among owners — the specific rotation, drawing, or reserved-week system the group has agreed to, and how date trades between owners are handled.
Shared Expenses
What counts as a shared cost, how it's divided (typically equally, by ownership percentage), how the reserve fund works, and how contributions are collected.
Decision Making & Governance
What decisions require unanimous agreement versus a majority vote — routine maintenance versus major capital improvements, for example — and how disputes between owners are resolved.
Exit Rights
How a departing owner's share is valued, the remaining owners' right of first refusal, and the process for an outside sale if the group declines to buy the share back.
Dissolution
The process if the group ever agrees to sell the property entirely and wind down the LLC — how that decision is made and how proceeds are distributed.
Each of these areas is covered in more depth elsewhere: how scheduling actually works, how expenses are shared, and what happens if a co-owner wants to sell.
Why it's drafted for your group, not pulled from a template.
A generic template Operating Agreement is a real risk in co-ownership — it tends to miss the specific usage patterns, property type, and group dynamics that actually matter once people are living with the agreement for years. Bill Ketchersid drafts each group's Operating Agreement individually, incorporating what's specific to that property and that group's preferences.
This is also why the document isn't something CoHaven can hand you before your group is actually formed — it doesn't exist yet, by design, until it's built around your specific situation.
When you'll actually see it.
Your group's specific Operating Agreement is drafted during the Close phase, after your group has aligned on a property. Every co-owner reviews the full document — not a summary — and has the opportunity to ask questions before anyone signs.
Want to talk through what this would look like for your group?
An Owner Planning Session is where your specific usage preferences and property goals start shaping what your Operating Agreement will actually say.
