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Property Co Ownership Agreement

Property Co Ownership Agreement Template for Philippines

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Key Requirements PROMPT example:

Property Co Ownership Agreement

"I need a Property Co-Ownership Agreement for a beachfront vacation property in Palawan that will be jointly owned by three family members, with equal ownership shares and specific provisions for rental income distribution when the property is not in use by the owners."

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Document background
The Property Co-Ownership Agreement is a vital legal instrument used in the Philippines when multiple parties share ownership of real property. This document becomes necessary when two or more individuals or entities acquire property together, whether through purchase, inheritance, or gift. It is particularly relevant in scenarios involving family property holdings, joint investments, or shared commercial spaces. The agreement must comply with the Civil Code of the Philippines, Property Registration Decree, and other relevant Philippine laws governing property ownership. It typically includes detailed provisions on ownership percentages, management responsibilities, financial obligations, decision-making processes, and exit strategies. This type of agreement is essential for preventing future disputes and ensuring clear understanding of each co-owner's rights and obligations.
Suggested Sections

1. Parties: Identification and details of all co-owners, including their complete names, addresses, and civil status

2. Background: Context of the co-ownership arrangement, including how the property was acquired and the purpose of the agreement

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

4. Property Details: Complete description of the property including location, boundaries, title details, and tax declaration numbers

5. Ownership Shares: Specification of each co-owner's percentage share in the property

6. Rights and Obligations: Detailed outline of co-owners' rights and responsibilities regarding property use, maintenance, and management

7. Property Management: Rules for day-to-day management, decision-making processes, and appointment of property administrators if any

8. Financial Obligations: Distribution of costs, expenses, taxes, and other financial responsibilities

9. Transfer of Rights: Rules governing the sale, transfer, or encumbrance of ownership shares

10. Dispute Resolution: Procedures for resolving conflicts between co-owners

11. Term and Termination: Duration of the agreement and conditions for termination or partition of the property

12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters

Optional Sections

1. Property Usage Schedule: Used when co-owners need specific scheduling for property usage, particularly relevant for vacation homes or commercial properties

2. Rental Income Distribution: Include when the property will be rented out to third parties

3. Family Home Provisions: Required when the property serves as a family home under Philippine law

4. Death and Succession: Special provisions for handling ownership transition upon death of a co-owner

5. Property Development: Include when there are plans for future development or improvement of the property

6. Property Insurance: Specific provisions for insurance arrangements and premium sharing

7. Right of First Refusal: Optional provisions giving co-owners priority rights to purchase others' shares

8. Mortgage Provisions: Include when the property is or will be subject to a mortgage

Suggested Schedules

1. Schedule A - Property Description: Detailed technical description of the property, including lot plans, technical boundaries, and certificates of title

2. Schedule B - Ownership Distribution: Detailed breakdown of ownership shares and contributing investments

3. Schedule C - Financial Contributions: Historical record of financial contributions made by each co-owner

4. Schedule D - Property Photographs: Current photographs and condition assessment of the property

5. Schedule E - Maintenance Schedule: Regular maintenance requirements and responsibilities

6. Appendix 1 - Property Title Documents: Copies of relevant property titles and tax declarations

7. Appendix 2 - Co-owners' Information: Detailed contact information and identification documents of all co-owners

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Co-owners
Ownership Share
Common Areas
Certificate of Title
Tax Declaration
Property Management
Operating Expenses
Capital Expenditure
Property Administrator
Management Committee
Encumbrance
Transfer of Rights
Right of First Refusal
Maintenance Charges
Special Assessment
Force Majeure
Beneficial Owner
Business Day
Effective Date
Fair Market Value
Governing Law
Improvements
Liens
Majority Vote
Property Taxes
Register of Deeds
Reserved Matters
Supermajority Vote
Transfer
Utility Charges
Partition
Default Event
Dispute Resolution
Gross Income
Net Income
Related Party
Permitted Use
Property Manager
Clauses
Interpretation
Property Description
Ownership Shares
Rights and Obligations
Management and Control
Financial Contributions
Cost Sharing
Property Usage
Decision Making
Maintenance and Repairs
Insurance
Transfer Restrictions
Right of First Refusal
Mortgage and Encumbrance
Death and Succession
Default and Remedies
Dispute Resolution
Partition Rights
Property Income Distribution
Tax Obligations
Improvements and Alterations
Representations and Warranties
Force Majeure
Notices
Amendment
Severability
Governing Law
Entire Agreement
Registration and Compliance
Termination
Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Agriculture (for agricultural land)

Hospitality (for tourism properties)

Retail (for commercial spaces)

Industrial and Manufacturing

Legal Services

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Compliance

Investment

Operations

Risk Management

Finance

Corporate Services

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Developer

Legal Counsel

Corporate Lawyer

Estate Planning Attorney

Property Administrator

Real Estate Agent

Asset Manager

Investment Manager

Property Investment Advisor

Compliance Officer

Real Estate Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing co-ownership (Articles 484-506), property rights, obligations and contracts. Defines rights and obligations of co-owners, management of co-owned property, and rules for partition.
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and transactions affecting registered land, including co-ownership arrangements and their recording in the Registry of Deeds.
Local Government Code (Republic Act No. 7160): Provides framework for property taxation, zoning regulations, and local government requirements affecting real property ownership.
Family Code of the Philippines (Executive Order No. 209): Relevant when co-owners are family members or spouses, governing family home and conjugal property arrangements.
National Internal Revenue Code: Covers tax implications of co-ownership, including capital gains tax, transfer tax, and other property-related taxation matters.
Anti-Money Laundering Act (Republic Act No. 9160): Relevant for verification of funding sources in property transactions and co-ownership arrangements involving significant amounts.
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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