The Property Sharing Agreement is a crucial legal instrument used in Nigeria when multiple parties need to formalize their respective rights and obligations in shared property ownership. This document becomes essential in various scenarios, including family property arrangements, business partnerships, or joint venture investments in real estate. The agreement must comply with Nigerian property law, particularly the Land Use Act of 1978, while also considering state-specific regulations and customary law where applicable. It typically includes detailed provisions on ownership percentages, management rights, financial responsibilities, dispute resolution mechanisms, and transfer restrictions. Property Sharing Agreements are particularly important in the Nigerian context due to the complex interplay between statutory and customary property rights, and the need for clear documentation to prevent future disputes.
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1. Parties: Identification and details of all parties involved in the property sharing arrangement
2. Background: Context of the agreement, including history of property ownership and reason for sharing arrangement
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property/properties subject to the sharing agreement, including legal titles and registration details
5. Ownership Structure: Clear delineation of ownership shares and rights of each party
6. Management and Control: Rights and responsibilities regarding property management and decision-making
7. Financial Obligations: Distribution of costs, taxes, and maintenance expenses
8. Usage Rights: Terms governing how each party may use the property
9. Transfer Restrictions: Limitations on selling or transferring ownership shares
10. Dispute Resolution: Procedures for resolving conflicts between parties
11. Duration and Termination: Term of the agreement and conditions for termination
12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional matters
1. Rental Income Distribution: Terms for sharing rental income if the property is to be leased
2. Third Party Rights: Provisions regarding rights of family members or other interested parties
3. Insurance Requirements: Specifications for property insurance and premium sharing
4. Mortgage Provisions: Terms relating to existing or future mortgage arrangements
5. Death or Incapacity: Procedures in case of death or incapacity of any party
6. Environmental Compliance: Terms regarding environmental regulations and compliance
7. Future Development: Provisions for future property development or improvements
8. Right of First Refusal: Terms giving co-owners priority rights to purchase others' shares
1. Property Details Schedule: Detailed technical description of the property, including boundaries, measurements, and facilities
2. Title Documents: Copies of relevant title documents and registration certificates
3. Financial Schedule: Detailed breakdown of financial contributions and ownership percentages
4. Management Schedule: Specific procedures and rules for property management
5. Maintenance Schedule: Regular maintenance requirements and responsibilities
6. Site Plans and Surveys: Official plans, surveys, and maps of the property
7. Existing Tenancies: Details of any existing lease or rental agreements
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