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A Property Sharing Agreement becomes necessary when multiple parties need to formalize their rights and responsibilities regarding shared property ownership or usage in India. This document is particularly relevant in situations involving family property division, joint property investments, or business partnership properties. The agreement must comply with Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant state-specific regulations. It typically includes detailed provisions about property management, cost sharing, usage rights, transfer restrictions, and dispute resolution mechanisms. Property Sharing Agreements are crucial for preventing future disputes and ensuring clear understanding among all parties about their rights and obligations in relation to the shared property.

1. Parties: Details of all parties involved in the property sharing agreement, including their full names, addresses, and legal capacity

2. Background: Context of the agreement, including details of the property ownership, reason for sharing arrangement, and any relevant family or business relationships

3. Definitions: Definitions of key terms used throughout the agreement, including property-related terminology and specific terms relevant to the sharing arrangement

4. Description of Property: Detailed description of the property being shared, including legal description, boundaries, and registration details

5. Nature of Property Rights: Specification of the type of rights being shared (ownership, usage, income rights, etc.) and the proportion of sharing

6. Terms of Sharing: Detailed terms of how the property will be shared, including usage rights, maintenance responsibilities, and cost sharing

7. Management and Decision Making: Procedures for making decisions about the property, including maintenance, improvements, or sale

8. Financial Obligations: Distribution of financial responsibilities including taxes, maintenance costs, utilities, and insurance

9. Transfer Restrictions: Conditions and restrictions on transferring shares to third parties

10. Dispute Resolution: Mechanism for resolving disputes between parties

11. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

12. Governing Law: Specification of Indian law as the governing law and jurisdiction