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Shared Ownership Contract

Shared Ownership Contract Template for Nigeria

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Key Requirements PROMPT example:

Shared Ownership Contract

"I need a Shared Ownership Contract for a commercial property in Lagos, Nigeria, to be jointly owned by three corporate entities with equal ownership shares, including specific provisions for property management and an agreement that any sale of shares must be unanimously approved by all owners."

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Document background
The Shared Ownership Contract is essential for situations where multiple parties wish to jointly own property in Nigeria. This document type has become increasingly important with the rise of co-ownership arrangements in both residential and commercial real estate sectors. It provides a comprehensive framework that complies with the Nigerian Land Use Act 1978 and relevant property laws, addressing key aspects such as ownership structure, management rights, financial obligations, and dispute resolution mechanisms. The contract is particularly valuable for investors, family members, or business partners looking to share property ownership while maintaining clear legal boundaries and responsibilities. It includes provisions for property management, maintenance costs, transfer of ownership shares, and eventual property disposal, all within the context of Nigerian legal requirements.
Suggested Sections

1. Parties: Identification of all co-owners including full legal names, addresses, and contact details

2. Background: Context of the shared ownership arrangement and brief description of the property

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

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

5. Ownership Structure: Details of ownership percentages and type of co-ownership arrangement

6. Purchase Price and Contributions: Financial contributions of each party and payment terms

7. Management and Decision Making: Process for making decisions about the property and management structure

8. Rights and Obligations: Detailed rights and responsibilities of each co-owner

9. Operating Expenses: Allocation of costs for maintenance, repairs, taxes, and other expenses

10. Transfer of Interest: Procedures for selling or transferring ownership shares

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

12. Termination: Conditions and process for terminating the shared ownership arrangement

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictions

Optional Sections

1. Property Management Company: Details of external property management if applicable

2. Rental Arrangements: Terms for renting out the property if agreed by co-owners

3. Insurance Requirements: Specific insurance obligations beyond standard requirements

4. First Right of Refusal: Rights of existing co-owners to purchase shares before external sale

5. Foreign Ownership Provisions: Special provisions if any co-owner is a foreign national

6. Mortgage and Financing: Terms related to shared mortgage responsibilities if applicable

7. Death and Succession: Specific arrangements for handling ownership upon death of a co-owner

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property including boundaries and facilities

2. Financial Contributions Schedule: Detailed breakdown of initial and ongoing financial contributions

3. Ownership Percentage Schedule: Exact specification of ownership shares and any special conditions

4. Management Rules and Procedures: Detailed procedures for day-to-day management and decision-making

5. Maintenance Schedule: Schedule of regular maintenance responsibilities and cost sharing

6. Property Title Documents: Copies of relevant title documents and registration certificates

7. Property Valuation Report: Independent valuation report establishing property value at time of agreement

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








































Clauses






























Relevant Industries

Real Estate

Property Development

Construction

Housing

Commercial Property

Investment Management

Legal Services

Banking and Finance

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Investment

Operations

Finance

Risk Management

Business Development

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Lawyer

Investment Manager

Property Developer

Legal Counsel

Real Estate Agent

Property Investment Advisor

Compliance Officer

Land Administrator

Property Portfolio Manager

Corporate Lawyer

Real Estate Investment Director

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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