Buy Sell Agreement Between Co Owners Of Real Property Template for Denmark

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Buy Sell Agreement Between Co Owners Of Real Property

Document background
The Buy Sell Agreement Between Co Owners Of Real Property is a crucial document for any co-owned real estate in Denmark, whether for commercial, residential, or mixed-use properties. This agreement becomes essential when multiple parties share ownership of real property and need a clear, legally binding framework for managing potential ownership transfers. It addresses various scenarios such as voluntary sales, death, incapacity, or other trigger events that might necessitate ownership changes. The document must comply with Danish property law, including the Tinglysningsloven and Udstykningsloven, and typically includes specific provisions for valuation, transfer procedures, and payment terms. It serves as a preventive measure against potential disputes and provides a clear exit mechanism for co-owners, making it particularly valuable for long-term property investments and family-owned properties in Denmark.
Suggested Sections

1. Parties: Identification of all co-owners and their current ownership percentages

2. Background: Brief description of the property, how the co-ownership was established, and the purpose of the agreement

3. Definitions: Key terms used throughout the agreement including Property, Fair Market Value, Transfer Event, etc.

4. Property Description: Detailed description of the real property including address, land registry details, and current usage

5. Ownership Structure: Current ownership percentages and any specific rights or obligations attached to each owner's share

6. Transfer Events: Circumstances that trigger the buy-sell provisions (death, disability, divorce, voluntary sale, etc.)

7. Valuation Method: Process for determining the property's value when a transfer event occurs

8. Purchase Price and Payment Terms: How the purchase price is calculated and the terms of payment

9. Right of First Refusal: Process and timeframes for existing co-owners to purchase another owner's share

10. Transfer Procedure: Step-by-step process for executing the transfer of ownership

11. Costs and Taxes: Allocation of transfer costs, registration fees, and tax obligations

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

13. Governing Law: Confirmation of Danish law application and jurisdiction

14. Signatures: Execution block for all parties

Optional Sections

1. Life Insurance Provisions: Required when co-owners want to fund potential buyouts through life insurance policies

2. Mortgage and Financing: Include when there are existing mortgages or specific financing requirements for buyouts

3. Property Management: Include when co-owners want to establish rules for day-to-day management and maintenance

4. Rental Income Distribution: Required when the property generates rental income that needs to be distributed

5. Exit Strategy: Include when parties want to establish specific procedures for complete property sale or dissolution of co-ownership

6. Third Party Sales: Include when owners want to establish procedures for selling to external parties

7. Environmental Provisions: Include when the property has specific environmental concerns or requirements

Suggested Schedules

1. Property Details: Detailed property description, including land registry information, boundaries, and included fixtures

2. Current Ownership Structure: Detailed breakdown of current ownership shares and any special rights

3. Valuation Framework: Specific methodology and procedures for property valuation

4. Insurance Requirements: Details of required insurance coverage and policy specifications

5. Existing Encumbrances: List of current mortgages, liens, or other encumbrances on the property

6. Property Management Rules: Detailed rules and procedures for property management and maintenance

7. Transfer Documentation: Templates for notices, transfer documents, and other required forms

Authors

Relevant legal definitions
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Relevant Industries
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Relevant Roles
Industries
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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