Property Co Ownership Agreement for United Arab Emirates

Property Co Ownership Agreement Template for United Arab Emirates

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Property Co Ownership Agreement

"I need a Property Co-Ownership Agreement for three international investors purchasing a commercial building in Dubai Marina, with plans to lease it starting March 2025; the agreement should include detailed provisions for rental income distribution and professional property management."

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What is a Property Co Ownership Agreement?

A Property Co-Ownership Agreement is essential when multiple parties invest in or acquire property together in the UAE. This document is particularly relevant in the context of UAE's growing real estate market, where joint property ownership is common among both local and foreign investors. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws. It defines ownership shares, management rights, financial obligations, and dispute resolution mechanisms. The agreement is crucial for preventing future conflicts by clearly establishing each owner's rights and responsibilities at the outset of the co-ownership arrangement.

What sections should be included in a Property Co Ownership Agreement?

1. Parties: Identification of all co-owners with their full legal names, addresses, and ownership percentages

2. Background: Context of the co-ownership arrangement, including property acquisition details and purpose of the agreement

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

4. Property Details: Comprehensive description of the property including title details, location, and registration information

5. Ownership Structure: Details of ownership shares, rights, and entitlements of each co-owner

6. Financial Obligations: Responsibilities for property costs, maintenance expenses, utilities, and other financial commitments

7. Management and Decision Making: Process for making decisions regarding the property, including voting rights and majority requirements

8. Use and Occupation: Rules governing the use, access, and occupation of the property

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

10. Sale and Transfer Rights: Procedures for selling or transferring ownership shares, including right of first refusal

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

12. Term and Termination: Duration of the agreement and circumstances for termination

13. Governing Law: Specification of UAE law as governing law and relevant jurisdiction

14. General Provisions: Standard legal provisions including notices, amendments, and severability

What sections are optional to include in a Property Co Ownership Agreement?

1. Property Management Company: Details of external property management arrangements, if applicable

2. Rental Income Distribution: Procedures for managing and distributing rental income if the property is to be leased

3. Insurance Requirements: Specific insurance obligations beyond standard requirements

4. Mortgage Provisions: Terms relating to existing or future mortgages on the property

5. Death or Incapacity: Procedures in case of death or incapacity of a co-owner

6. Buy-Out Provisions: Detailed procedures for one owner buying out others' shares

7. Development Rights: Terms regarding property development or modification rights

8. Environmental Obligations: Specific environmental responsibilities or restrictions

What schedules should be included in a Property Co Ownership Agreement?

1. Schedule 1 - Property Details: Detailed property description, including plans, title documents, and registration details

2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and contribution records

3. Schedule 3 - Financial Contributions: Historical and agreed future financial contributions by 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 Title Deed: Copy of the official property title deed

7. Appendix B - Property Valuation: Recent property valuation report

8. Appendix C - Property Floor Plans: Detailed floor plans and property layouts

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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Legal

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Real Estate Manager

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