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Property Co Ownership Agreement
"I need a Property Co-Ownership Agreement for three international investors purchasing a commercial building in Dubai Marina, with plans to lease it starting March 2025; the agreement should include detailed provisions for rental income distribution and professional property management."
1. Parties: Identification of all co-owners with their full legal names, addresses, and ownership percentages
2. Background: Context of the co-ownership arrangement, including property acquisition details and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title details, location, and registration information
5. Ownership Structure: Details of ownership shares, rights, and entitlements of each co-owner
6. Financial Obligations: Responsibilities for property costs, maintenance expenses, utilities, and other financial commitments
7. Management and Decision Making: Process for making decisions regarding the property, including voting rights and majority requirements
8. Use and Occupation: Rules governing the use, access, and occupation of the property
9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs
10. Sale and Transfer Rights: Procedures for selling or transferring ownership shares, including right of first refusal
11. Dispute Resolution: Procedures for resolving disputes between co-owners
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Governing Law: Specification of UAE law as governing law and relevant jurisdiction
14. General Provisions: Standard legal provisions including notices, amendments, and severability
1. Property Management Company: Details of external property management arrangements, if applicable
2. Rental Income Distribution: Procedures for managing and distributing rental income if the property is to be leased
3. Insurance Requirements: Specific insurance obligations beyond standard requirements
4. Mortgage Provisions: Terms relating to existing or future mortgages on the property
5. Death or Incapacity: Procedures in case of death or incapacity of a co-owner
6. Buy-Out Provisions: Detailed procedures for one owner buying out others' shares
7. Development Rights: Terms regarding property development or modification rights
8. Environmental Obligations: Specific environmental responsibilities or restrictions
1. Schedule 1 - Property Details: Detailed property description, including plans, title documents, and registration details
2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and contribution records
3. Schedule 3 - Financial Contributions: Historical and agreed future financial contributions by each owner
4. Schedule 4 - Management Rules: Detailed rules and procedures for property management
5. Schedule 5 - Maintenance Schedule: Regular maintenance requirements and responsibilities
6. Appendix A - Property Title Deed: Copy of the official property title deed
7. Appendix B - Property Valuation: Recent property valuation report
8. Appendix C - Property Floor Plans: Detailed floor plans and property layouts
Authors
Real Estate
Construction
Property Development
Investment Management
Hospitality
Retail
Commercial Property
Residential Property
Asset Management
Family Office
Legal
Real Estate
Compliance
Property Management
Investment
Asset Management
Risk Management
Operations
Corporate Advisory
Property Development
Real Estate Manager
Property Manager
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Asset Manager
Property Developer
Investment Director
Real Estate Attorney
Corporate Lawyer
Property Investment Advisor
Real Estate Consultant
Risk Manager
Portfolio Manager
Real Estate Operations Manager
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