The Shared Ownership Agreement is essential when two or more parties wish to jointly own real property in Germany. This document becomes necessary in various scenarios, including family property arrangements, business partnerships, or investment consortiums. The agreement must comply with German property law, particularly the provisions of the German Civil Code (BGB) regarding co-ownership (Miteigentum) and requires notarization under German law. It comprehensively addresses ownership shares, financial responsibilities, property management, decision-making processes, dispute resolution, and exit mechanisms. The document is particularly important given Germany's strict property laws and registration requirements, providing a clear framework for managing shared property interests while minimizing potential conflicts between co-owners.
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1. Parties: Identification and details of all co-owners including full legal names, addresses, and contact information
2. Background: Context of the shared ownership arrangement, including the property's acquisition and the parties' intention to share ownership
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including address, land registry details, and property boundaries
5. Ownership Structure: Specification of ownership shares and the nature of the co-ownership arrangement
6. Financial Obligations: Details of how costs, expenses, and profits related to the property will be shared
7. Management and Decision Making: Procedures for making decisions about the property and its management
8. Use and Occupation: Rules regarding the use and occupation of the property by co-owners
9. Maintenance and Repairs: Responsibilities and procedures for property maintenance and repairs
10. Insurance: Requirements for property insurance and handling of claims
11. Transfer of Interests: Procedures and restrictions for selling or transferring ownership shares
12. Dispute Resolution: Procedures for resolving disputes between co-owners
13. Termination: Circumstances and procedures for terminating the shared ownership arrangement
14. Governing Law: Confirmation of German law as governing law and jurisdiction
1. Property Management Company: Terms relating to the appointment and duties of a professional property manager, if applicable
2. Rental Arrangements: Procedures and terms for renting out the property to third parties, if permitted
3. Right of First Refusal: Provisions giving co-owners first right to purchase if another owner wishes to sell
4. Mortgage and Financing: Terms regarding existing or future financing arrangements, if the property is mortgaged
5. Special Use Rights: Specific areas or times allocated to different owners for exclusive use
6. Business Use: Special provisions if the property is used for business purposes
7. Death and Inheritance: Specific provisions for handling ownership transfer upon death of a co-owner
8. Environmental Matters: Special provisions regarding environmental responsibilities and liabilities, if relevant
1. Schedule 1 - Property Description: Detailed property description including plans, boundaries, and land registry details
2. Schedule 2 - Ownership Shares: Detailed breakdown of ownership percentages and any special rights
3. Schedule 3 - Financial Contributions: Initial and ongoing financial contributions required from each owner
4. Schedule 4 - Management Rules: Detailed rules and procedures for property management
5. Schedule 5 - Maintenance Schedule: Regular maintenance requirements and responsibilities
6. Appendix A - Property Photos: Current photographs of the property and its condition
7. Appendix B - Land Registry Extract: Current extract from the land registry (Grundbuchauszug)
8. Appendix C - Property Valuation: Professional valuation report of the property
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