A Co-Ownership Agreement is essential when two or more parties (individuals or entities) share ownership of a property in Hong Kong. This document is particularly relevant for joint property investments, family property holdings, or business partnerships involving real estate. The agreement, governed by Hong Kong law, specifically addresses the complexities of shared property ownership by detailing ownership percentages, financial responsibilities, property management procedures, and exit mechanisms. It helps prevent potential disputes by clearly defining each party's rights and obligations, while ensuring compliance with Hong Kong's property laws and regulations. The document becomes especially crucial when dealing with high-value properties or when co-owners have different objectives or usage requirements for the property.
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1. Parties: Identification of all co-owners with their full legal names and addresses
2. Background: Context of the co-ownership arrangement, including property details and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including address, lot number, and registration details
5. Ownership Shares: Specification of each co-owner's percentage share in the property
6. Financial Contributions: Initial and ongoing financial obligations of each co-owner, including purchase price, mortgage payments, and maintenance costs
7. Management and Decision Making: Procedures for making decisions about the property and required majority for different types of decisions
8. Usage Rights: Rights and restrictions regarding property usage, including occupancy rights and rental arrangements
9. Maintenance and Repairs: Responsibilities for property maintenance and procedure for approving repairs
10. Transfer of Interest: Procedures and restrictions for selling or transferring ownership interests
11. Death or Incapacity: Provisions dealing with death or incapacity of a co-owner
12. Dispute Resolution: Procedures for resolving disputes between co-owners
13. Termination: Circumstances and procedures for terminating the co-ownership arrangement
14. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Mortgage Provisions: Required if the property is mortgaged, detailing mortgage responsibilities and obligations
2. Rental Income: Required if the property will be rented out, covering income distribution and management
3. Property Manager: Required if a professional property manager will be appointed
4. Insurance: Detailed insurance requirements beyond standard provisions
5. Right of First Refusal: Optional provision giving co-owners first right to purchase if one wants to sell
6. Buy-Out Provisions: Detailed procedures for one co-owner buying out others
7. Exclusive Use Areas: Required if certain areas of the property are designated for exclusive use by specific co-owners
8. Business Use: Required if the property will be used for business purposes
1. Schedule 1 - Property Details: Detailed property information including title documents and floor plans
2. Schedule 2 - Ownership Percentages: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule 3 - Financial Obligations: Detailed breakdown of ongoing financial responsibilities
4. Schedule 4 - Maintenance Schedule: Regular maintenance requirements and responsibilities
5. Schedule 5 - House Rules: If applicable, rules governing use of the property
6. Appendix A - Property Valuation: Initial property valuation report
7. Appendix B - Property Condition Report: Initial condition report with photographs
8. Appendix C - Mortgage Details: If applicable, details of any mortgage or financing arrangements
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