The Shared Ownership Contract is essential for situations where multiple parties wish to jointly own property in Nigeria. This document type has become increasingly important with the rise of co-ownership arrangements in both residential and commercial real estate sectors. It provides a comprehensive framework that complies with the Nigerian Land Use Act 1978 and relevant property laws, addressing key aspects such as ownership structure, management rights, financial obligations, and dispute resolution mechanisms. The contract is particularly valuable for investors, family members, or business partners looking to share property ownership while maintaining clear legal boundaries and responsibilities. It includes provisions for property management, maintenance costs, transfer of ownership shares, and eventual property disposal, all within the context of Nigerian legal requirements.
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1. Parties: Identification of all co-owners including full legal names, addresses, and contact details
2. Background: Context of the shared ownership arrangement and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including legal title details and registration information
5. Ownership Structure: Details of ownership percentages and type of co-ownership arrangement
6. Purchase Price and Contributions: Financial contributions of each party and payment terms
7. Management and Decision Making: Process for making decisions about the property and management structure
8. Rights and Obligations: Detailed rights and responsibilities of each co-owner
9. Operating Expenses: Allocation of costs for maintenance, repairs, taxes, and other expenses
10. Transfer of Interest: Procedures for selling or transferring ownership shares
11. Dispute Resolution: Process for resolving disagreements between co-owners
12. Termination: Conditions and process for terminating the shared ownership arrangement
13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictions
1. Property Management Company: Details of external property management if applicable
2. Rental Arrangements: Terms for renting out the property if agreed by co-owners
3. Insurance Requirements: Specific insurance obligations beyond standard requirements
4. First Right of Refusal: Rights of existing co-owners to purchase shares before external sale
5. Foreign Ownership Provisions: Special provisions if any co-owner is a foreign national
6. Mortgage and Financing: Terms related to shared mortgage responsibilities if applicable
7. Death and Succession: Specific arrangements for handling ownership upon death of a co-owner
1. Property Description Schedule: Detailed legal description of the property including boundaries and facilities
2. Financial Contributions Schedule: Detailed breakdown of initial and ongoing financial contributions
3. Ownership Percentage Schedule: Exact specification of ownership shares and any special conditions
4. Management Rules and Procedures: Detailed procedures for day-to-day management and decision-making
5. Maintenance Schedule: Schedule of regular maintenance responsibilities and cost sharing
6. Property Title Documents: Copies of relevant title documents and registration certificates
7. Property Valuation Report: Independent valuation report establishing property value at time of agreement
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