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Shared Ownership Contract

Shared Ownership Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Shared Ownership Contract

"I need a Shared Ownership Contract for a luxury apartment in Dubai Marina to be jointly owned by three family members, with quarterly rotation of usage rights and equal share of maintenance costs, to be effective from March 2025."

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Document background
The Shared Ownership Contract is a vital legal instrument used in the United Arab Emirates when two or more parties wish to establish joint ownership of real estate property. This document is essential for both individual and corporate co-owners, providing a clear framework for managing shared property interests under UAE law. It becomes particularly relevant in situations involving family property holdings, joint business ventures, or investment partnerships. The contract must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws, such as Dubai Law No. 7 of 2006 for Dubai properties. The agreement typically includes detailed provisions about ownership shares, management rights, financial obligations, dispute resolution mechanisms, and exit strategies, making it a crucial document for protecting all parties' interests in shared property arrangements.
Suggested Sections

1. Parties: Details of all co-owners entering into the shared ownership arrangement, including full legal names, Emirates ID numbers, and contact information

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

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

4. Ownership Structure: Specification of ownership shares and rights of each party

5. Property Details: Comprehensive description of the property including location, size, and registration details

6. Financial Obligations: Details of cost sharing, maintenance expenses, and other financial responsibilities

7. Management and Decision Making: Procedures for property management and how decisions will be made between co-owners

8. Usage Rights: Terms governing how the property can be used by each owner

9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs

10. Transfer of Ownership Rights: Procedures and restrictions for selling or transferring ownership shares

11. Default and Remedies: Consequences of breach and available remedies

12. Dispute Resolution: Procedures for resolving disputes between co-owners

13. Governing Law: Confirmation of UAE law application and jurisdiction

14. Term and Termination: Duration of the agreement and conditions for termination

Optional Sections

1. Rental Income Distribution: Required if the property will be rented out, specifying how rental income will be distributed

2. Property Manager Appointment: Optional section for appointing a professional property manager

3. Insurance Requirements: Detailed insurance requirements if specific coverage is needed

4. Right of First Refusal: Optional provision giving co-owners first right to purchase if one party wishes to sell

5. Mortgage Provisions: Required if the property is or will be mortgaged

6. Special Usage Rights: Required for properties with specific usage arrangements (e.g., timeshare-style arrangements)

7. Development Rights: Required if the property may be developed or significantly modified in the future

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including title deed, floor plans, and registration details

2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and corresponding rights

3. Schedule 3 - Financial Contributions: Initial and ongoing financial contributions of each party

4. Schedule 4 - Management Procedures: Detailed procedures for property management and decision-making

5. Schedule 5 - Maintenance Schedule: Regular maintenance requirements and responsibilities

6. Appendix A - Property Title Deed: Copy of the property title deed

7. Appendix B - Property Valuation: Independent valuation report of the property

8. Appendix C - Condition Report: Current condition report of the property

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

Banking & Finance

Investment & Asset Management

Hospitality & Tourism

Commercial Property

Residential Property

Family Business

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Risk Management

Business Development

Corporate Affairs

Investment

Asset Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Real Estate Attorney

Investment Manager

Asset Manager

Compliance Officer

Contract Administrator

Business Development Manager

Property Developer

Real Estate Agent

Finance Manager

Risk Manager

Corporate Lawyer

Property Consultant

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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