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Family Property Sharing Agreement

Family Property Sharing Agreement Template for New Zealand

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Key Requirements PROMPT example:

Family Property Sharing Agreement

"I need a Family Property Sharing Agreement for three siblings jointly inheriting two residential properties and one commercial property in Auckland, with specific provisions for property management and income distribution starting from March 2025."

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Document background
The Family Property Sharing Agreement is a vital legal document used in New Zealand when family members wish to formalize arrangements for shared property ownership and management. This agreement is particularly relevant when multiple family members co-own properties, want to pool resources for property investment, or need to structure family property holdings efficiently. The document must comply with New Zealand's Property (Relationships) Act 1976 and related legislation, making it essential to have proper legal guidance during its preparation. It typically includes comprehensive details about property ownership shares, management responsibilities, financial obligations, income distribution, and dispute resolution mechanisms. The agreement is especially useful for families looking to preserve wealth across generations, manage family properties collectively, or establish clear guidelines for shared property interests.
Suggested Sections

1. Parties: Identification and details of all family members participating in the property sharing arrangement

2. Background: Context of the agreement, family relationships, and reasons for entering into the property sharing arrangement

3. Definitions: Key terms used throughout the agreement, including property types, sharing arrangements, and relevant legal concepts

4. Purpose and Objectives: Clear statement of the agreement's aims and intended outcomes

5. Property Details: Description and categorization of all properties covered by the agreement

6. Ownership Structure: Details of how ownership of each property is to be held and shared

7. Management and Decision Making: Process for making decisions about property management, maintenance, and future transactions

8. Financial Obligations: Allocation of costs, expenses, and financial responsibilities

9. Distribution of Income: Arrangements for sharing any income generated from the properties

10. Dispute Resolution: Procedures for resolving disagreements between family members

11. Duration and Review: Term of the agreement and provisions for periodic review

12. Termination: Circumstances and process for ending the agreement

13. Governing Law: Confirmation that the agreement is governed by New Zealand law

Optional Sections

1. Trust Arrangements: Details of trust structures if properties are held in trust

2. Children's Interests: Specific provisions for protecting children's interests in the property arrangement

3. Death or Incapacity: Provisions for what happens to property shares in event of death or incapacity

4. Property Development: Procedures for property development or major improvements

5. Business Use: Provisions for any business use of shared properties

6. Exit Mechanisms: Detailed procedures for individual members to exit the arrangement

7. Right of First Refusal: Provisions giving family members first right to purchase others' shares

8. Rental Arrangements: Specific terms for any rental arrangements of shared properties

Suggested Schedules

1. Schedule 1 - Property Inventory: Detailed list of all properties included in the agreement, including legal descriptions and current values

2. Schedule 2 - Ownership Percentages: Specific breakdown of ownership shares for each property

3. Schedule 3 - Financial Contributions: Record of initial and ongoing financial contributions by each party

4. Schedule 4 - Management Responsibilities: Detailed allocation of management duties for each property

5. Appendix A - Property Valuations: Professional valuations of included properties

6. Appendix B - Property Certificates: Copies of relevant property titles and certificates

7. Appendix C - Independent Legal Advice: Certificates of independent legal advice received by each party

8. Appendix D - Family Trust Deeds: Copies of relevant trust deeds if applicable

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
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Family Lawyer

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Estate Planning Attorney

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