Co Ownership Deed

Co Ownership Deed Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Co-Ownership Deed for a Dubai commercial property to be jointly owned by three corporate entities with equal shares, including specific provisions for property management and profit distribution starting from March 2025."

Document background

The Co-Ownership Deed is essential in the UAE real estate market where shared property ownership is common in both residential and commercial contexts. This document is used when two or more parties acquire ownership rights in a single property and need to formalize their relationship and respective obligations. The deed must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. It includes crucial details about ownership proportions, management rights, maintenance responsibilities, and cost-sharing arrangements. The document is particularly important in the UAE's dynamic real estate market where clear documentation of ownership rights and responsibilities is essential for property registration and dispute prevention. The Co-Ownership Deed serves as a fundamental reference point for all co-owners and relevant authorities throughout the duration of the shared ownership arrangement.

Suggested Sections

1. Parties: Details of all co-owners including full legal names, addresses, and nationality as required by UAE law

2. Background: Context of the co-ownership arrangement, property acquisition details, and purpose of the deed

3. Definitions: Definitions of key terms used throughout the deed, including property-specific terminology and legal concepts

4. Property Details: Comprehensive description of the property including title deed number, location, size, and registration details as per UAE property registration requirements

5. Ownership Structure: Detailed breakdown of ownership shares and percentages held by each co-owner

6. Rights and Obligations: Specific rights and responsibilities of each co-owner, including usage rights, maintenance obligations, and decision-making authority

7. Management and Administration: Procedures for property management, including decision-making processes and voting rights

8. Financial Obligations: Division of costs, expenses, and liabilities related to the property

9. Transfer and Disposal: Rules governing the sale, transfer, or encumbrance of ownership shares, including right of first refusal

10. Dispute Resolution: Procedures for resolving disputes between co-owners, including jurisdiction and applicable law

Optional Sections

1. Mortgage and Financing: Include when the property is subject to mortgage or financing arrangements

2. Development Rights: Include when there are potential development or modification rights to be addressed

3. Rental Income Distribution: Include when the property will be rented out with proceeds shared among co-owners

4. Property Manager Appointment: Include when a professional property manager will be appointed

5. Insurance Requirements: Include detailed insurance obligations when specific coverage is required

6. Exit Mechanism: Include specific procedures for co-owners to exit the arrangement

7. Succession Rights: Include when specific succession arrangements need to be documented

Suggested Schedules

1. Schedule 1 - Property Description: Detailed technical description of the property including floor plans, boundaries, and specifications

2. Schedule 2 - Title Documents: Copies of title deed and other relevant property ownership documents

3. Schedule 3 - Maintenance Schedule: Detailed maintenance responsibilities and schedules for the property

4. Schedule 4 - Cost Allocation: Detailed breakdown of cost sharing arrangements and payment schedules

5. Schedule 5 - Property Rules: Specific rules and regulations governing the use of the property

6. Appendix A - Powers of Attorney: Any required powers of attorney for property management or representation

7. Appendix B - Property Photographs: Recent photographs documenting the condition of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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