A Co-Ownership Agreement is essential when two or more parties wish to formalize their shared ownership of property in Indonesia. This document is commonly used in various scenarios, including family property arrangements, business partnerships, or investment collaborations. It must comply with Indonesian legal requirements, particularly the Civil Code (KUHPerdata) and Basic Agrarian Law (UUPA). The agreement typically covers crucial aspects such as ownership shares, financial responsibilities, property management, decision-making processes, and exit strategies. It's particularly important in the Indonesian context due to specific local property ownership regulations and registration requirements, helping prevent future disputes and ensuring clear documentation of each owner's rights and obligations.
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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, including history of the property acquisition and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the co-owned property, including legal title information and registration details
5. Ownership Shares: Specification of each co-owner's percentage share in the property
6. Financial Contributions: Terms regarding initial contributions, ongoing expenses, maintenance costs, and tax obligations
7. Management and Decision Making: Procedures for property management decisions and voting rights based on ownership shares
8. Use and Possession: Rules governing the use, occupation, and access to the property by co-owners
9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs
10. Transfer of Interest: Rules and procedures for selling, transferring, or encumbering ownership shares
11. Dispute Resolution: Procedures for resolving disputes between co-owners
12. Term and Termination: Duration of the agreement and conditions for termination
13. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters
14. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
1. Rental Income: Provisions for managing and distributing rental income when the property is leased to third parties
2. Property Manager: Terms for appointing and managing a professional property manager
3. Right of First Refusal: Procedures giving co-owners first right to purchase when another co-owner wishes to sell their share
4. Insurance: Specific insurance requirements and cost-sharing arrangements
5. Mortgage and Financing: Terms regarding existing or future financing arrangements and mortgage obligations
6. Death or Incapacity: Procedures for handling ownership shares in case of death or incapacity of a co-owner
7. Business Use: Special provisions for when the property is used for business purposes
8. Development Rights: Terms regarding property development or improvement rights and procedures
1. Property Title Documents: Copies of property certificates, registration documents, and title deeds
2. Financial Contributions Schedule: Detailed breakdown of initial contributions and ownership percentages
3. Property Maintenance Schedule: Detailed maintenance responsibilities and schedules
4. Property Plans: Floor plans, land surveys, and property boundaries
5. Existing Encumbrances: List of any existing mortgages, liens, or other encumbrances
6. Contact Information: Detailed contact information for all co-owners and their representatives
7. Property Rules and Regulations: Specific rules for property use and management
8. Cost Allocation Matrix: Detailed breakdown of how different types of costs are shared between co-owners
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Investment Management
Family Business
Hospitality
Commercial Property
Residential Property
Agriculture
Industrial Property
Retail
Tourism
Manufacturing
Relevant Teams
Legal
Real Estate
Property Management
Finance
Operations
Compliance
Risk Management
Corporate Secretariat
Investment
Business Development
Relevant Roles
Property Manager
Real Estate Lawyer
Investment Manager
Business Development Manager
Asset Manager
Legal Counsel
Corporate Secretary
Finance Director
Operations Manager
Risk Manager
Compliance Officer
Property Developer
Family Office Manager
Investment Advisor
Real Estate Agent
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