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Property Co Ownership Agreement
"I need a Property Co-Ownership Agreement for a three-bedroom condominium in Singapore that I'm purchasing with my sister in January 2025, where we will have unequal ownership shares (70-30 split) and need specific provisions for rental income distribution."
1. Parties: Details of all co-owners including full names, identification numbers, and addresses
2. Background: Context of the agreement, property details, and purpose of co-ownership arrangement
3. Definitions: Key terms used throughout the agreement
4. Property Details: Full legal description of the property and ownership shares
5. Ownership Structure: Specification of joint tenancy or tenancy in common and respective shares
6. Financial Obligations: Cost sharing arrangements for mortgage, maintenance, taxes, and utilities
7. Management and Decision Making: Procedures for property-related decisions and management
8. Dispute Resolution: Process for resolving disagreements between co-owners
9. Termination: Conditions and procedures for ending the co-ownership
1. Usage Rights: Specific arrangements for property usage if not equally shared
2. Rental Income: Distribution of rental income if property is leased
3. Property Manager: Appointment and duties of property manager
4. Death/Incapacity Provisions: Procedures in case of death or incapacity of a co-owner
1. Property Title Documents: Copies of property ownership documents and certificates
2. Financial Schedule: Detailed breakdown of ownership shares and financial contributions
3. Property Management Rules: Specific rules for property management and maintenance
4. Insurance Requirements: Details of required insurance coverage
5. Maintenance Schedule: Regular maintenance requirements and responsibilities
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