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Shared Ownership Agreement

Shared Ownership Agreement Template for Germany

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Key Requirements PROMPT example:

Shared Ownership Agreement

"I need a Shared Ownership Agreement for a commercial property in Berlin that will be jointly owned by three tech startups, with provisions for profit sharing from rental income and clear exit mechanisms if any company wants to sell their share."

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Document background
The Shared Ownership Agreement is essential when two or more parties wish to jointly own real property in Germany. This document becomes necessary in various scenarios, including family property arrangements, business partnerships, or investment consortiums. The agreement must comply with German property law, particularly the provisions of the German Civil Code (BGB) regarding co-ownership (Miteigentum) and requires notarization under German law. It comprehensively addresses ownership shares, financial responsibilities, property management, decision-making processes, dispute resolution, and exit mechanisms. The document is particularly important given Germany's strict property laws and registration requirements, providing a clear framework for managing shared property interests while minimizing potential conflicts between co-owners.
Suggested Sections

1. Parties: Identification and details of all co-owners including full legal names, addresses, and contact information

2. Background: Context of the shared ownership arrangement, including the property's acquisition and the parties' intention to share ownership

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Detailed description of the property including address, land registry details, and property boundaries

5. Ownership Structure: Specification of ownership shares and the nature of the co-ownership arrangement

6. Financial Obligations: Details of how costs, expenses, and profits related to the property will be shared

7. Management and Decision Making: Procedures for making decisions about the property and its management

8. Use and Occupation: Rules regarding the use and occupation of the property by co-owners

9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs

10. Insurance: Requirements for property insurance and handling of claims

11. Transfer of Interests: Procedures and restrictions for selling or transferring ownership shares

12. Dispute Resolution: Procedures for resolving disputes between co-owners

13. Termination: Circumstances and procedures for terminating the shared ownership arrangement

14. Governing Law: Confirmation of German law as governing law and jurisdiction

Optional Sections

1. Property Management Company: Terms relating to the appointment and duties of a professional property manager, if applicable

2. Rental Arrangements: Procedures and terms for renting out the property to third parties, if permitted

3. Right of First Refusal: Provisions giving co-owners first right to purchase if another owner wishes to sell

4. Mortgage and Financing: Terms regarding existing or future financing arrangements, if the property is mortgaged

5. Special Use Rights: Specific areas or times allocated to different owners for exclusive use

6. Business Use: Special provisions if the property is used for business purposes

7. Death and Inheritance: Specific provisions for handling ownership transfer upon death of a co-owner

8. Environmental Matters: Special provisions regarding environmental responsibilities and liabilities, if relevant

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including plans, boundaries, and land registry details

2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and any special rights

3. Schedule 3 - Financial Contributions: Initial and ongoing financial contributions required from 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 Photos: Current photographs of the property and its condition

7. Appendix B - Land Registry Extract: Current extract from the land registry (Grundbuchauszug)

8. Appendix C - Property Valuation: Professional valuation report of the property

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Co-owners
Ownership Share
Grundbuch (Land Register)
Common Areas
Exclusive Use Areas
Management Committee
Operating Costs
Capital Expenditure
Property Manager
Maintenance
Major Works
Insurance Requirements
Transfer
Encumbrance
Qualifying Majority
Resolution
Business Day
Force Majeure
Permitted Use
Management Rules
Financial Year
Initial Contribution
Maintenance Fund
Operating Account
Service Charges
Notarial Deed
Voting Rights
Special Resolution
Ordinary Resolution
Reserved Matters
Emergency Repairs
Annual Budget
Common Property
Mortgage
Valuation
Property Tax
Management Fee
Insured Risks
Clauses
Parties and Property
Interpretation
Ownership Structure
Property Rights
Financial Obligations
Decision Making
Management
Use and Occupation
Maintenance and Repairs
Insurance
Transfer Restrictions
Pre-emption Rights
Encumbrances
Default and Remedies
Dispute Resolution
Force Majeure
Termination
Property Sale
Confidentiality
Notices
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Notarization
Land Registration
Costs and Expenses
Representations and Warranties
Indemnification
Environmental Compliance
Tax Matters
Death and Succession
Further Assurance
Relevant Industries

Real Estate

Property Development

Investment & Financial Services

Legal Services

Property Management

Construction

Hospitality

Retail

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Corporate Affairs

Investment

Asset Management

Operations

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Real Estate Agent

Investment Manager

Asset Manager

Property Developer

Compliance Officer

Notary

Corporate Lawyer

Real Estate Investment Advisor

Property Portfolio Manager

Legal Administrator

Real Estate Operations Manager

Industries
German Civil Code (BGB) §§ 741-758: Regulations concerning community of joint owners (Gemeinschaft), defining basic rights and obligations of co-owners, including management and use of shared property
German Civil Code (BGB) §§ 873-902: Property law provisions regarding the transfer of real estate ownership and registration requirements
German Civil Code (BGB) § 311b: Requirement for notarization of real estate contracts
German Land Registration Code (Grundbuchordnung - GBO): Regulations governing the registration of property rights in the land register, including co-ownership arrangements
German Civil Code (BGB) §§ 2032-2063: Inheritance law provisions relevant for succession planning in shared ownership situations
German Apartment Ownership Act (Wohnungseigentumsgesetz - WEG): Specific regulations for apartment ownership and shared property in multi-unit buildings, which may be relevant depending on the type of shared ownership
German Notarisation Act (Beurkundungsgesetz - BeurkG): Formal requirements for the notarization of property-related agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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