Property Sharing Agreement Template for Philippines

A Property Sharing Agreement is essential when two or more parties wish to formalize their co-ownership arrangement of real property in the Philippines. This document is commonly used in various scenarios, including family property holdings, business partnerships, and investment groups. The agreement must comply with the Philippine Civil Code, particularly Articles 484-501 on Co-ownership, and other relevant property laws. It typically includes detailed provisions on ownership percentages, property management, financial responsibilities, decision-making processes, and dispute resolution mechanisms. The document serves as a crucial tool for preventing conflicts and providing clear guidelines for property co-ownership, whether for residential, commercial, or investment purposes. It's particularly important in the Philippine context where extended family property ownership and business partnerships in real estate are common.

1. Parties: Identification and details of all co-owners entering into the agreement

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

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Details: Complete description of the shared property, including legal description, title details, and location

5. Ownership Shares: Specification of each party's ownership percentage and the basis for determining these shares

6. Rights and Obligations: Detailed outline of each co-owner's rights and responsibilities regarding the property

7. Use and Possession: Rules governing how the property may be used, occupied, or accessed by the co-owners

8. Management and Decisions: Procedures for making decisions about property management, maintenance, and improvements

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

10. Transfer of Interest: Rules regarding the sale, transfer, or encumbrance of ownership shares

11. Default and Remedies: Consequences of breach and available remedies for affected parties

12. Dispute Resolution: Process for resolving conflicts between co-owners

13. Term and Termination: Duration of the agreement and circumstances under which it may be terminated

14. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction

15. General Provisions: Standard contractual provisions including notices, amendments, and severability