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Property Agreement For Unmarried Couples Template for India

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Key Requirements PROMPT example:

Property Agreement For Unmarried Couples

"I need a Property Agreement For Unmarried Couples for a newly purchased 3-bedroom apartment in Mumbai, where my partner and I will contribute 60-40 to the purchase price, and we plan to occasionally rent out one room on Airbnb."

Document background
The Property Agreement For Unmarried Couples is essential in the Indian legal context where traditional matrimonial laws do not apply to unmarried cohabiting partners. This document becomes crucial when unmarried couples plan to purchase, own, or manage property together, as it provides a clear legal framework for their rights and obligations. The agreement is structured to comply with the Indian Contract Act, 1872, and the Transfer of Property Act, 1882, while addressing specific challenges faced by unmarried couples in property matters. It includes comprehensive provisions for property ownership, financial contributions, maintenance responsibilities, dispute resolution, and succession planning. This document is particularly relevant given the increasing number of unmarried couples in India and the lack of specific legislation addressing their property rights. It serves as a crucial tool for protecting both parties' interests and preventing future disputes in property matters.
Suggested Sections

1. Parties: Details of both partners entering into the agreement, including full legal names, addresses, and age

2. Background: Context of the relationship, intention to cohabit, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement including 'Property', 'Joint Property', 'Separate Property', 'Cohabitation', etc.

4. Property Ownership: Declaration of ownership rights, including percentage shares and type of ownership (joint/separate)

5. Financial Contributions: Details of initial and ongoing financial contributions towards property purchase and maintenance

6. Property Management: Rights and responsibilities regarding property management, maintenance, and decision-making

7. Expenses and Utilities: Agreement on sharing of regular expenses, utilities, and property-related costs

8. Separation Provisions: Process and terms for property division in case of relationship breakdown

9. Death Provisions: Arrangements for property ownership and rights in case of death of either partner

10. Dispute Resolution: Process for resolving disagreements, including mediation and arbitration procedures

11. Governing Law: Specification that the agreement is governed by Indian law

12. Execution: Signing and witnessing requirements

Optional Sections

1. Mortgage Provisions: Include when property is mortgaged, detailing responsibility for payments and liability

2. Rental Income: Include when property may be rented out, describing income sharing and management

3. Property Improvements: Include when significant renovations or improvements are planned, detailing cost sharing and ownership of improvements

4. Business Use: Include if property may be used for business purposes, outlining permitted uses and responsibilities

5. Third Party Rights: Include when other parties (like family members) have interests in the property

6. Insurance Requirements: Include detailed insurance provisions when specific coverage is required

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property including address, registration details, and current market value

2. Schedule B - Financial Contributions: Detailed breakdown of initial and planned financial contributions by each party

3. Schedule C - Separate Property: List of items or properties owned separately by each partner

4. Schedule D - Shared Items Inventory: List of jointly owned furniture, appliances, and valuable items

5. Appendix 1 - Property Documents: Copies of property title, registration, and other relevant documentation

6. Appendix 2 - Financial Documents: Copies of mortgage agreements, loan documents, or other financial arrangements

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

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Real Estate

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Banking

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Relevant Teams

Legal

Real Estate

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Advisory Services

Relevant Roles

Lawyer

Real Estate Agent

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Legal Counsel

Conveyancing Lawyer

Property Consultant

Financial Advisor

Estate Planner

Mortgage Advisor

Property Rights Specialist

Legal Document Specialist

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Industries






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