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Joint Home Ownership Agreement
"Need a Joint Home Ownership Agreement for a Singapore HDB flat purchase with my sister, where we will own the property as tenants-in-common with a 60-40 split, and we need specific provisions for potential future rental income sharing."
1. Parties: Identification and details of all joint owners
2. Background: Context of joint purchase and property details
3. Definitions: Key terms used throughout the agreement
4. Ownership Structure: Specifies type of ownership (joint tenancy/tenancy-in-common) and ownership shares
5. Financial Obligations: Details of purchase price, mortgage, and ongoing financial responsibilities
6. Property Usage: Rules regarding occupancy and usage of the property
7. Maintenance and Repairs: Responsibilities for property upkeep
8. Termination Provisions: Circumstances and procedures for ending the agreement
1. Rental Provisions: Rules for renting out the property when permitted by applicable regulations
2. Buy-out Provisions: Procedures and terms for one party buying out the other's share
3. Death/Incapacity Provisions: Procedures in case of death or incapacity of an owner, particularly relevant for tenancy-in-common arrangements
1. Property Details Schedule: Detailed description of property including address and lot number
2. Financial Contributions Schedule: Breakdown of initial and ongoing financial contributions by each party
3. Mortgage Details: Copy of mortgage agreement or key terms
4. Property Title: Copy of property title or certificate of title
5. Maintenance Schedule: Detailed breakdown of maintenance responsibilities and cost sharing
Authors
Property
Completion Date
Joint Owners
Ownership Share
Joint Tenancy
Tenancy-in-Common
Purchase Price
Mortgage
Mortgagee
Monthly Payments
Common Areas
Maintenance Expenses
Major Repairs
Property Tax
Sale Proceeds
Encumbrances
Transfer
Buy-out Option
Fair Market Value
Professional Valuer
Force Majeure
Governing Law
Business Day
Notice
CPF Account
CPF Contributions
Title Documents
Permitted Use
Default Event
Financial Contributions
Property Usage
Maintenance and Repairs
Decision Making
Mortgage Obligations
Insurance
Property Management
Transfer Restrictions
Right of First Refusal
Buy-out Rights
Death and Incapacity
Default and Remedies
Sale of Property
Dispute Resolution
Force Majeure
Notices
Amendments
Governing Law
Severability
Expenses and Costs
CPF Provisions
Property Tax
Utilities and Services
Access Rights
Assignment
Termination
Entire Agreement
Representations and Warranties
Indemnification
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