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Several people can own one animal, it happens all the time in racehorses. And, as far as retaining part ownership, the two parties are free to put what they want into a contract Many rescue adoption contracts, for instance, have clauses that the dog or cat must be returned to a rescue rather than sold if the new owner can no longer care for the critter..
You are free to negotiate as well, you can simply draw a line through that part of the contract if you do not like it. If the seller will not accept negotiations, go elsewhere. There is a lot of competition out there, don't settle for terms that you don't want in a sales contract.
Remember that to enforce any breached part of a contract either party must take time and money and sue the other party, so even if a party has a right, enforcing it may be expensive.
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