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Shared Property Ownership Agreement
1. Parties: Identification and details of all co-owners
2. Background: Context of the shared ownership arrangement
3. Definitions: Key terms used throughout the agreement
4. Ownership Structure: Specification of ownership percentages and type of ownership
5. Financial Obligations: Cost sharing, expenses, and maintenance responsibilities
6. Property Use: Rules for using and accessing the property
7. Decision Making: Process for making property-related decisions
8. Dispute Resolution: Procedures for resolving conflicts between owners
1. Rental Provisions: Rules and procedures for renting the property to third parties, including income distribution and tenant approval process
2. Buy-Out Provisions: Detailed process and terms for one owner buying others' shares, including valuation methods and payment terms
3. Death/Incapacity Provisions: Procedures and rights following death or incapacity of an owner, including succession planning and transfer of ownership
1. Schedule A - Property Description: Legal description and detailed information about the property
2. Schedule B - Ownership Schedule: Detailed breakdown of ownership percentages and rights
3. Schedule C - Cost Allocation Schedule: Detailed breakdown of expense sharing and financial responsibilities
4. Schedule D - Property Rules: Comprehensive rules for property use, maintenance, and management
5. Schedule E - Insurance Requirements: Specific insurance obligations, coverage details, and minimum requirements
Authors
Property
Co-owners
Ownership Interest
Ownership Share
Common Areas
Operating Expenses
Capital Expenditure
Management Committee
Property Manager
Maintenance Costs
Fair Market Value
Transfer
Encumbrance
Right of First Refusal
Buy-Out Price
Qualified Appraiser
Insurance Requirements
Default Event
Force Majeure
Property Tax
Permitted Use
Effective Date
Term
Termination Event
Governing Law
Special Resolution
Reserved Matters
Utilities
Emergency Repairs
Financial Contributions
Property Management
Decision Making
Use and Occupancy
Maintenance and Repairs
Insurance
Transfer Restrictions
Right of First Refusal
Buy-Out Rights
Death and Incapacity
Property Sale
Cost Sharing
Dispute Resolution
Default and Remedies
Property Tax
Utilities
Improvements
Governing Law
Force Majeure
Notices
Amendments
Termination
Severability
Assignment
Indemnification
Access Rights
Record Keeping
Voting Rights
Emergency Procedures
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