Co-ownership of purebred dogs has been in existence for decades. There are several reasons breeders find co-ownership agreements useful, but there are definitely positive and negative aspects when dealing with co-ownership.
When a dog is "Specialled" usually by a professional handler the dog will travel and live with its handler for extended periods of time. The costs can mount up quickly so owners will find other individuals involved within their breed and co-own the dog to help offset the expenses.I would not recommend co-ownership on an adult dog for an extended period of time if "specialling" the dog is not in your plans.
Co-ownership is also very popular amongst breeders placing a female puppy with a family on open registration for future showing and breeding. Many times the breeder will place a condition into the contract like receiving a puppy from the first litter before signing full ownership over to the adoptive family. It is very helpful for a breeder when they find a good show home for one of their female offspring because it is very difficult for one breeder to keep and show all the show potential puppies themselves. When the puppy matures and hopefully acquires its championship title the breeder will hopefully receive a quality offspring back in return to carry the lines forward with. By remaining as co-owner the original breeder will be able to apply their kennel affix to the new puppy they receive in return and will also be breeder on the registration paper allowing the original breeder to be able to show the return puppy in bred-by classes thus continuing to move forward with their line of dogs that they have created.
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