The Co-Ownership Agreement is a crucial legal document used in Austria when two or more parties wish to formalize their shared ownership of property or assets. This document is essential in situations ranging from family property arrangements to complex commercial real estate holdings. It must comply with Austrian Civil Code (ABGB) requirements, particularly §§ 825-849 regarding co-ownership (Miteigentum), and relevant property registration laws. The agreement typically includes detailed provisions on ownership shares, management rights, cost allocation, decision-making procedures, and exit mechanisms. It's particularly important in the Austrian legal context due to specific local requirements regarding property registration and the formal documentation of ownership rights. The document serves as both a regulatory compliance tool and a practical framework for managing shared ownership relationships.
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1. Parties: Identification and details of all co-owners entering into the agreement
2. Background: Context of the co-ownership arrangement and brief history of the property acquisition
3. Definitions: Key terms used throughout the agreement
4. Property Details: Detailed description of the property including land register details (Grundbuch) and ownership shares
5. Rights and Obligations of Co-Owners: Fundamental rights and responsibilities of each co-owner
6. Management and Decision Making: Procedures for property management decisions and voting rights
7. Financial Obligations: Cost sharing, expense allocation, and payment procedures
8. Use and Enjoyment: Rules regarding property usage, access rights, and scheduling
9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs
10. Transfer of Ownership Interests: Rules and procedures for selling or transferring ownership shares
11. Dispute Resolution: Procedures for resolving conflicts between co-owners
12. Termination and Property Division: Conditions and procedures for ending the co-ownership arrangement
13. Governing Law: Confirmation of Austrian law application and jurisdiction
1. Property Management Company: Terms for engaging and instructing a property management company, if applicable
2. Insurance Requirements: Specific insurance obligations beyond standard requirements
3. Rental to Third Parties: Rules for renting out the property to external parties, if permitted
4. Business Use Provisions: Special terms for business use of the property, if relevant
5. Environmental Obligations: Special environmental requirements or restrictions, particularly relevant for industrial properties
6. Right of First Refusal: Provisions giving co-owners first right to purchase if another owner wishes to sell
7. Succession Planning: Specific provisions for handling ownership transfer upon death or incapacity
8. Mortgage and Financing: Terms regarding joint mortgages or future financing arrangements
1. Property Description Schedule: Detailed technical description of the property, including plans and boundaries
2. Ownership Structure Schedule: Detailed breakdown of ownership percentages and any special rights
3. Cost Allocation Schedule: Detailed breakdown of how different types of costs are to be shared
4. Property Rules and Regulations: Detailed rules for property use and maintenance
5. Management Procedures: Detailed procedures for decision-making and management
6. Insurance Specifications: Detailed insurance requirements and coverage specifications
7. Land Register Extract: Current extract from the land register (Grundbuchauszug)
8. Property Valuation: Initial property valuation report or methodology for future valuations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Industrial Property
Agriculture
Retail
Hospitality
Manufacturing
Energy
Technology
Professional Services
Construction
Infrastructure
Relevant Teams
Legal
Real Estate
Property Management
Corporate Affairs
Facilities Management
Investment
Operations
Finance
Risk & Compliance
Business Development
Asset Management
Relevant Roles
Property Manager
Real Estate Director
Legal Counsel
Corporate Lawyer
Asset Manager
Facility Manager
Investment Manager
Business Development Director
Chief Financial Officer
Operations Director
Company Secretary
Risk Manager
Compliance Officer
Real Estate Partner
Property Developer
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