Property Sharing Agreement Template for Ireland

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Key Requirements PROMPT example:

Property Sharing Agreement

"I need a Property Sharing Agreement for a commercial building in Dublin that will be co-owned by three companies, with specific provisions for shared maintenance costs and a professional property management company starting from March 2025."

Document background
A Property Sharing Agreement is essential when two or more parties wish to co-own or share the use of a property in Ireland. This document is commonly used in both residential and commercial contexts, particularly when family members, friends, or business partners decide to invest in property together. The agreement, governed by Irish law, provides a clear framework for managing the shared property, preventing potential disputes, and protecting all parties' interests. It includes crucial details about ownership percentages, financial contributions, maintenance responsibilities, decision-making processes, and exit strategies. The document must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009, and can be customized to address specific requirements of the co-owners while ensuring all relevant legal obligations are met.
Suggested Sections

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

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

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

4. Ownership Structure: Clear statement of ownership proportions and type of co-ownership (joint tenants or tenants in common)

5. Financial Contributions: Details of initial purchase contributions and ongoing financial responsibilities

6. Property Management: Rules for decision-making regarding property maintenance, improvements, and general management

7. Usage Rights: Terms governing how and when each party can use the property

8. Maintenance and Repairs: Responsibilities and cost-sharing for property maintenance and repairs

9. Insurance: Requirements for property insurance and responsibility for premiums

10. Sale or Transfer: Process and requirements for selling the property or transferring ownership shares

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

12. Termination: Conditions and process for terminating the agreement

13. Governing Law: Confirmation that the agreement is governed by Irish law

Optional Sections

1. Rental Arrangements: Terms for renting out the property to third parties, including profit sharing

2. Business Use: Specific terms if the property will be used for business purposes

3. Death or Incapacity: Provisions for handling ownership in case of death or incapacity of a co-owner

4. Mortgage Provisions: Terms relating to mortgage responsibilities if the property is mortgaged

5. Property Manager: Terms for appointing and instructing a property manager

6. Buy-out Provisions: Detailed process for one party buying out another's share

7. Guest Policy: Rules regarding guests and temporary occupants

8. Pets: Rules regarding keeping pets on the property

9. Utilities Management: Specific arrangements for managing and sharing utility costs

Suggested Schedules

1. Schedule 1: Property Details: Full legal description of the property, including title details and any encumbrances

2. Schedule 2: Financial Contributions: Detailed breakdown of initial contributions and ownership percentages

3. Schedule 3: Maintenance Schedule: Regular maintenance requirements and responsibilities

4. Schedule 4: Insurance Requirements: Detailed insurance requirements and specifications

5. Schedule 5: Property Inventory: List of shared furniture, appliances, and equipment if applicable

6. Appendix A: Property Plans: Floor plans and property boundaries

7. Appendix B: Property Valuation: Initial property valuation report or certificate

8. Appendix C: Mortgage Details: Copy of mortgage agreement if applicable

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Management

Legal Services

Financial Services

Construction

Property Development

Residential Housing

Commercial Property

Investment Management

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Facilities Management

Investment

Operations

Risk Management

Compliance

Finance

Relevant Roles

Property Lawyer

Real Estate Manager

Property Investment Manager

Legal Counsel

Property Administrator

Estate Agent

Conveyancing Solicitor

Property Development Manager

Asset Manager

Facilities Manager

Property Portfolio Manager

Real Estate Investment Advisor

Property Rights Specialist

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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