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Co Ownership Agreement Template
"I need a Co-Ownership Agreement Template for a residential villa in Dubai, UAE, to be shared between three family members with unequal ownership shares (50%, 30%, 20%), with specific provisions for maintenance cost sharing and usage scheduling."
1. Parties: Identification of all co-owners with their full legal names, addresses, and contact details
2. Background: Context of the co-ownership arrangement, including property details and circumstances leading to the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the co-owned property, including legal title details and registration information
5. Ownership Shares: Specification of each co-owner's percentage share in the property
6. Rights and Obligations: Detailed outline of co-owners' rights and responsibilities regarding the property
7. Property Management: Procedures for day-to-day management and decision-making regarding the property
8. Financial Obligations: Distribution of costs, expenses, and revenue related to the property
9. Transfer of Interest: Rules and procedures for selling, transferring, or encumbering ownership shares
10. Dispute Resolution: Procedures for resolving conflicts between co-owners
11. Termination: Circumstances and procedures for terminating the co-ownership arrangement
12. Governing Law: Specification of UAE law as governing law and jurisdiction
1. Property Usage Schedule: Used when co-owners need to establish specific schedules or rules for using the property at different times
2. Property Manager Appointment: Required when co-owners agree to appoint a professional property manager
3. Mortgage Provisions: Included when the property is or may be subject to a mortgage
4. Business Use Provisions: Required when the property will be used for commercial purposes
5. Death and Inheritance: Detailed provisions for handling ownership shares in case of death, particularly relevant when incorporating Sharia law principles
6. Buy-Out Provisions: Specific procedures for when one co-owner wishes to buy out others or receives an offer from a third party
7. Rental Management: Required when the property will be rented to third parties
1. Schedule 1 - Property Details: Detailed property description, including title deed, plot number, and location details
2. Schedule 2 - Ownership Structure: Detailed breakdown of ownership percentages and initial capital contributions
3. Schedule 3 - Maintenance Schedule: Regular maintenance requirements and responsibilities
4. Schedule 4 - Cost Allocation: Detailed breakdown of how various costs and expenses are to be shared
5. Schedule 5 - Property Rules: Specific rules and regulations for property use and management
6. Appendix A - Property Documents: Copies of relevant property documentation including title deed and floor plans
7. Appendix B - Powers of Attorney: Any required powers of attorney for property management
8. Appendix C - Initial Condition Report: Documentation of property condition at agreement commencement
Authors
Real Estate
Property Development
Construction
Financial Services
Professional Services
Hospitality
Retail
Commercial Property
Residential Property
Investment Management
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Operations
Business Development
Investment
Asset Management
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Investment Manager
Asset Manager
Property Developer
Real Estate Agent
Compliance Officer
Risk Manager
Financial Controller
Business Development Manager
Operations Manager
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