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Property Co Ownership Agreement

Property Co Ownership Agreement Template for Nigeria

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Key Requirements PROMPT example:

Property Co Ownership Agreement

"I need a Property Co-Ownership Agreement for a residential property in Lagos, Nigeria, to be jointly owned by three family members with equal shares, including specific provisions for property management and unanimous consent requirements for major decisions."

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Document background
The Property Co-Ownership Agreement is essential when two or more parties wish to establish clear terms for jointly owning property in Nigeria. This document becomes necessary in various scenarios, including family property arrangements, business partnerships, or investment collaborations. It ensures compliance with Nigerian property laws, including the Land Use Act 1978 and state-specific regulations, while addressing crucial aspects such as ownership shares, financial responsibilities, property management, decision-making processes, and dispute resolution. The agreement helps prevent future conflicts by clearly defining each co-owner's rights and obligations, providing mechanisms for property use and maintenance, and establishing procedures for ownership transfer or agreement termination.
Suggested Sections

1. Parties: Identification and details of all co-owners entering into the agreement

2. Background: Context of the co-ownership arrangement, including property details and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the property, including legal description and registration details

5. Ownership Shares: Specification of each co-owner's percentage of ownership and rights

6. Financial Obligations: Details of cost sharing, including maintenance, repairs, taxes, and utilities

7. Management and Decision Making: Process for making decisions about the property and required majority for different types of decisions

8. Use and Occupation: Rules regarding property usage, access rights, and occupation arrangements

9. Transfer of Interest: Procedures for selling or transferring ownership shares, including right of first refusal

10. Dispute Resolution: Process for resolving disagreements between co-owners

11. Termination: Circumstances and procedures for terminating the co-ownership arrangement

12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

Optional Sections

1. Rental Income: Terms for sharing rental income if the property is to be leased - include if property will be rented out

2. Property Manager: Appointment and duties of a property manager - include if professional management is needed

3. Death or Incapacity: Procedures in case of death or incapacity of a co-owner - particularly important for family arrangements

4. Insurance: Requirements for property insurance and responsibility for premiums - include if specific insurance arrangements needed

5. Mortgage Provisions: Terms relating to any mortgage or financing - include if property is mortgaged

6. Special Use Provisions: Specific rules for special property features (e.g., pool, garden) - include if property has special features

7. Buy-Out Provisions: Detailed procedures for one owner buying others out - include if owners want this option

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property, including boundaries and registration details

2. Ownership Schedule: Details of ownership percentages and initial capital contributions

3. Financial Contributions Schedule: Breakdown of financial responsibilities and payment schedules

4. Property Rules and Regulations: Detailed rules for property use and maintenance

5. Management Procedures: Detailed procedures for property management and decision-making

6. Valuation Methodology: Agreed method for property valuation in case of sale or buy-out

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































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Relevant Industries

Real Estate

Property Development

Financial Services

Family Business

Investment Management

Construction

Property Management

Legal Services

Relevant Teams

Legal

Real Estate

Property Management

Corporate Services

Facilities Management

Investment

Operations

Risk Management

Compliance

Administrative Services

Relevant Roles

Legal Counsel

Property Manager

Real Estate Attorney

Investment Manager

Business Owner

Property Developer

Estate Agent

Facilities Manager

Corporate Executive

Trust Officer

Real Estate Investment Manager

Property Administrator

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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