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Property Sharing Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Property Sharing Agreement

Need a Property Sharing Agreement for a joint venture between our company and two UAE-based investment firms to co-own a commercial building in Dubai Business Bay, with expected completion date of March 2025 and specific provisions for profit sharing and property management.

Document background
A Property Sharing Agreement is essential when two or more parties wish to co-own real estate in the United Arab Emirates. This document is particularly relevant in the UAE's dynamic real estate market, where joint property ownership is common among both local and foreign investors. The agreement must comply with UAE Federal laws, including the UAE Civil Code and specific emirate-level property regulations. It typically includes detailed provisions for ownership structure, property management, financial obligations, and dispute resolution mechanisms. Property Sharing Agreements are commonly used for both residential and commercial properties, investment properties, and family-owned real estate. They are especially important given the UAE's specific legal framework regarding property ownership and the need for clear documentation of co-ownership arrangements to protect all parties' interests.
Suggested Sections

1. Parties: Identification of all co-owners and their legal details

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

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

4. Ownership Structure: Details of ownership shares and rights of each party

5. Property Usage Rights: Rules and regulations regarding the use of the property by co-owners

6. Management and Decision Making: Process for making decisions about the property and its management

7. Financial Obligations: Distribution of costs, expenses, and revenue related to the property

8. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs

9. Insurance: Requirements for property insurance and coverage responsibilities

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

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

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

13. Governing Law: Specification of UAE law application and jurisdiction

14. General Provisions: Standard legal provisions including notices, amendments, and severability

Optional Sections

1. Property Management Company: Details of external property management arrangements, used when a professional manager is appointed

2. Rental Arrangements: Provisions for renting out the property, included when the property will be leased to third parties

3. Usage Schedule: Specific schedules for property usage, included for vacation homes or time-shared properties

4. Development Rights: Provisions regarding property development or modification, included for undeveloped or partially developed properties

5. Mortgage Provisions: Specific provisions relating to any mortgage or financing arrangements, included when the property is mortgaged

6. Exit Strategy: Detailed procedures for co-owners to exit the arrangement, included for complex ownership structures

7. Special Purpose Provisions: Specific provisions for special use cases (e.g., commercial property sharing)

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title deed information and floor plans

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

3. Schedule 3 - Financial Arrangements: Detailed financial terms including cost sharing formulas and payment schedules

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

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

6. Appendix A - Property Documents: Copies of relevant property documentation including title deed and certificates

7. Appendix B - Initial Condition Report: Documentation of property condition at agreement commencement

8. Appendix C - Insurance Certificates: Copies of insurance policies and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 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 Development

Investment & Banking

Hospitality

Commercial Property

Residential Property

Tourism & Recreation

Retail

Professional Services

Construction

Relevant Teams

Legal

Real Estate

Property Management

Investment

Compliance

Finance

Business Development

Operations

Asset Management

Risk Management

Facilities Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Investment Manager

Asset Manager

Corporate Lawyer

Real Estate Developer

Facilities Manager

Investment Director

Property Investment Advisor

Compliance Officer

Real Estate Partner

Business Development Manager

Portfolio Manager

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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