A Property Sharing Agreement becomes essential when two or more parties decide to share ownership of a property in England and Wales. This document helps prevent future disputes by clearly defining each owner's rights, financial obligations, and responsibilities. It's particularly important for unmarried couples, friends, or business partners purchasing property together, as they don't have the same legal protections as married couples. The agreement covers crucial aspects such as initial contributions, ownership shares, maintenance costs, usage rights, and procedures for selling or transferring ownership interests.
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1. Parties: Details of all property co-owners
2. Background: Context of property purchase and sharing arrangement
3. Definitions: Key terms used throughout the agreement
4. Property Details: Full description and address of shared property
5. Ownership Structure: Specification of ownership shares and type of ownership
6. Financial Contributions: Initial and ongoing financial responsibilities
7. Management and Maintenance: Property management and maintenance obligations
8. Dispute Resolution: Process for resolving disagreements
9. Termination: Process for ending the sharing arrangement
1. Occupancy Rights: Rules about occupation when not all owners live in property
2. Rental Income: Provisions for sharing rental income if property is to be rented out
3. Death Provisions: Specific arrangements in case of death of co-owner, different from standard inheritance
1. Schedule 1: Property Information: Detailed property description and title information
2. Schedule 2: Financial Contributions: Detailed breakdown of initial contributions and percentages
3. Schedule 3: Maintenance Schedule: Detailed maintenance responsibilities and timeframes
4. Appendix A: Property Floor Plan: Floor plan showing any agreed divisions or exclusive use areas
5. Appendix B: Property Valuation: Initial property valuation if relevant
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