The Fractional Ownership Contract is essential in situations where multiple parties wish to share ownership of a valuable asset in Nigeria, providing a structured framework for shared investment and usage. This document type has become increasingly important in the Nigerian market as it enables investors to pool resources for high-value acquisitions while managing associated risks and costs. The contract must carefully navigate Nigerian legal requirements, particularly the Land Use Act for real estate assets, and Companies and Allied Matters Act for corporate structures. It typically includes comprehensive provisions for ownership rights, management responsibilities, usage allocation, expense sharing, and exit strategies, while ensuring compliance with local regulations and market practices. The document is particularly valuable for assets where full individual ownership might be impractical or economically inefficient.
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1. Parties: Identification of all parties entering into the fractional ownership agreement, including their full legal names, addresses, and registration details if companies
2. Background: Context of the agreement, description of the property or asset being fractionally owned, and the purpose of the arrangement
3. Definitions: Detailed definitions of key terms used throughout the agreement to ensure clarity and prevent misinterpretation
4. Ownership Structure: Details of how the ownership is divided, including percentage shares and the nature of the ownership rights
5. Purchase Price and Payment Terms: Specification of the total purchase price, individual share prices, and payment arrangements
6. Management and Operation: Framework for how the fractionally owned asset will be managed, including decision-making processes
7. Rights and Obligations: Detailed description of each owner's rights and responsibilities
8. Usage Rights: Schedule and terms for using the asset, including allocation of time or resources
9. Costs and Expenses: Distribution of operating costs, maintenance expenses, and other financial obligations
10. Transfer Restrictions: Limitations on the transfer of ownership shares and right of first refusal provisions
11. Exit Mechanisms: Procedures for selling shares, withdrawal from the arrangement, or termination of the agreement
12. Dispute Resolution: Procedures for resolving conflicts between owners
13. Governing Law: Specification of Nigerian law as the governing law and relevant jurisdiction
14. General Provisions: Standard contractual provisions including notices, amendments, and severability
1. Special Purpose Vehicle: Details of the SPV structure if the fractional ownership is managed through a company vehicle
2. Asset Management Agreement: Required when a professional third-party manager is appointed to manage the asset
3. Insurance Provisions: Detailed insurance requirements when the asset requires specific insurance coverage
4. Financing Arrangements: Needed when there is external financing involved in the purchase
5. Buy-Sell Provisions: Detailed procedures for forced sales or purchases between owners in specific circumstances
6. Death and Incapacity: Provisions dealing with owner death or incapacity, particularly relevant for individual owners
7. Property Development Rights: Required when the fractionally owned asset may be developed or substantially modified
8. Environmental Compliance: Necessary for assets where environmental regulations are significant considerations
1. Schedule 1: Property Details: Detailed description of the asset, including legal description, certificates of ownership, and relevant permits
2. Schedule 2: Ownership Schedule: List of all owners and their respective ownership percentages
3. Schedule 3: Usage Schedule: Detailed timetable or system for allocating usage rights among owners
4. Schedule 4: Cost Allocation: Detailed breakdown of how various costs and expenses are to be allocated
5. Schedule 5: Management Procedures: Detailed procedures for day-to-day management and decision-making
6. Schedule 6: Valuation Methodology: Agreed methods for valuing ownership shares for various purposes
7. Appendix A: Required Forms: Standard forms for notices, transfer requests, and other routine communications
8. Appendix B: Maintenance Standards: Detailed standards for maintenance and upkeep of the asset
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