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Shared Ownership Contract

Shared Ownership Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Shared Ownership Contract

"I need a Shared Ownership Contract under Saudi Arabian law for a family vacation home in Jeddah, to be jointly owned by three siblings with equal shares, including specific provisions for usage scheduling and maintenance cost sharing."

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Document background
The Shared Ownership Contract is a vital legal instrument used in Saudi Arabia when two or more parties wish to establish joint ownership of real estate property. This document becomes necessary in various scenarios, including family property arrangements, business partnerships, or investment consortiums. It must comply with Saudi Arabian civil law and Sharia principles, making it distinct from similar agreements in other jurisdictions. The contract typically includes comprehensive details about ownership percentages, management rights, financial obligations, usage rights, and exit mechanisms. It's particularly important in the Saudi Arabian context due to specific legal requirements regarding property ownership, religious considerations, and local business practices. The document provides a clear framework for shared ownership while ensuring all parties' rights are protected under Saudi law.
Suggested Sections

1. Parties: Identification and details of all parties entering into the shared ownership agreement

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

3. Definitions and Interpretation: Definitions of key terms and principles of interpretation

4. Ownership Structure: Detailed breakdown of ownership percentages and rights of each party

5. Property Description: Comprehensive description of the shared property, including legal title details

6. Purchase Price and Payment: Details of property valuation and payment arrangements between parties

7. Management and Decision Making: Governance structure and decision-making processes for property-related matters

8. Financial Obligations: Ongoing financial responsibilities including maintenance, taxes, and other costs

9. Usage Rights: Terms governing how parties may use or occupy the property

10. Transfer Restrictions: Limitations on selling or transferring ownership shares

11. Dispute Resolution: Procedures for resolving conflicts between owners

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

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdictional matters

Optional Sections

1. Property Management Company: Terms for engaging a professional property manager (for complex properties)

2. Religious Use Restrictions: Specific terms regarding religious or cultural use restrictions (for properties near holy sites)

3. Commercial Operation: Terms for commercial use and profit sharing (if property is used for business)

4. Foreign Ownership Compliance: Additional provisions if any owner is a foreign national

5. Financing Arrangements: Terms related to any Islamic financing or mortgages on the property

6. Succession Rights: Specific terms for inheritance of ownership shares

7. Development Rights: Terms for future development or modification of the property

Suggested Schedules

1. Property Details: Detailed legal description, plans, and title documents of the property

2. Ownership Schedule: Detailed breakdown of ownership percentages and contributions

3. Financial Schedule: Payment schedules, cost allocations, and financial obligations

4. Management Procedures: Detailed procedures for property management and decision-making

5. Maintenance Schedule: Regular maintenance requirements and responsibilities

6. Usage Rules: Detailed rules and regulations for property usage

7. Required Permits: Copies of all relevant permits and regulatory approvals

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
Applicable Law
Business Day
Commencement Date
Common Areas
Common Expenses
Confidential Information
Co-owners
Default Event
Effective Date
Encumbrance
Force Majeure
Governing Law
Islamic Finance Requirements
Management Committee
Management Rules
Operating Expenses
Ownership Interest
Ownership Share
Parties
Property
Property Manager
Property Title
Purchase Price
Regulatory Authority
Related Party
Reserved Matters
SAR
Schedules
Security Interest
Sharia Compliant
Special Resolution
Term
Transfer
Usage Rights
Utilities
Valuation
Voting Rights
Working Hours
Zakat
Clauses
Interpretation
Ownership Structure
Property Description
Purchase and Payment
Title and Registration
Management Rights
Decision Making
Financial Obligations
Usage Rights
Common Areas
Maintenance and Repair
Insurance
Transfer Restrictions
Pre-emptive Rights
Exit Rights
Force Majeure
Default and Remedies
Dispute Resolution
Sharia Compliance
Regulatory Compliance
Confidentiality
Notices
Assignment
Amendments
Severability
Entire Agreement
Governing Law
Term and Termination
Succession Rights
Property Development
Costs and Expenses
Representations and Warranties
Indemnification
Third Party Rights
Further Assurance
Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Hospitality

Industrial

Mixed-Use Development

Religious Property

Investment Management

Construction

Property Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Investment

Asset Management

Risk Management

Business Development

Facilities Management

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Investment Manager

Asset Manager

Corporate Lawyer

Property Manager

Compliance Officer

Real Estate Director

Investment Director

Facilities Manager

Business Development Manager

Risk Manager

Islamic Finance Specialist

Real Estate Partner

Industries
Saudi Civil Code: Fundamental principles of contract law in Saudi Arabia, including formation, validity, and enforcement of contracts
Islamic Law (Sharia): Religious law principles that form the basis of Saudi legal system, particularly regarding financial transactions and property rights
Real Estate Registration Law: Governs the registration and documentation of property ownership and transfers in Saudi Arabia
Saudi Real Estate Ownership Law: Regulates property ownership rights, restrictions, and obligations in Saudi Arabia
Law of Commercial Courts: Relevant for dispute resolution if the shared ownership involves commercial property or business purposes
Enforcement Law: Governs the enforcement of contracts and judicial decisions in Saudi Arabia
Saudi Arbitration Law: Provides framework for alternative dispute resolution, which may be relevant for settling ownership disputes
Zakat, Tax and Customs Authority Regulations: Relevant for tax implications and obligations related to shared property ownership
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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