The Fractional Ownership Agreement is essential when multiple parties wish to share ownership of a valuable asset in the Philippines. This document type has gained prominence due to increasing interest in shared ownership of high-value assets like vacation properties, aircraft, or luxury vessels. It must comply with Philippine legal requirements, including the Civil Code, Corporation Code, and relevant property laws. The agreement is particularly important as it establishes clear governance structures, defines ownership rights, sets usage parameters, and provides mechanisms for dispute resolution. It addresses key aspects such as initial purchase, ongoing maintenance costs, usage scheduling, and exit strategies, while ensuring compliance with local foreign ownership restrictions where applicable. This type of agreement is commonly used by both individual and corporate investors seeking to optimize asset utilization while sharing acquisition and maintenance costs.
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1. Parties: Identifies all parties entering into the fractional ownership agreement
2. Background: Explains the context and purpose of the agreement, including details of the asset to be fractionally owned
3. Definitions: Defines key terms used throughout the agreement
4. Structure of Ownership: Details the fractional ownership structure, including percentage shares and form of title holding
5. Purchase Price and Payment: Specifies the total purchase price, individual fraction costs, and payment terms
6. Management and Administration: Outlines the management structure, decision-making processes, and voting rights
7. Rights and Obligations: Details the rights and responsibilities of each fractional owner
8. Usage Rights and Scheduling: Establishes rules for using/accessing the asset, including scheduling system and priority rights
9. Costs and Expenses: Defines ongoing costs, maintenance expenses, and how they are shared
10. Transfer and Exit Provisions: Specifies rules for selling/transferring ownership fractions and exit mechanisms
11. Default and Remedies: Addresses potential defaults and available remedies
12. Dispute Resolution: Details the process for resolving disputes between owners
13. Term and Termination: Specifies the duration of the agreement and conditions for termination
14. General Provisions: Includes standard legal provisions such as notices, amendments, and governing law
1. Foreign Ownership Provisions: Required when any fractional owner is a foreign national, addressing compliance with Philippine foreign ownership restrictions
2. Asset Development: Needed when the fractionally owned asset is under development or requires significant improvements
3. Rental Program: Include when the asset will be available for rental when not in use by owners
4. Insurance Requirements: Detailed insurance provisions when the asset requires specific insurance coverage
5. Right of First Refusal: Optional provisions giving existing owners priority rights to purchase available fractions
6. Special Purpose Vehicle: Required when ownership is structured through a separate legal entity
7. Property Management Agreement: Needed when a professional property manager will be engaged
1. Schedule 1 - Asset Description: Detailed description of the asset including specifications, location, and condition
2. Schedule 2 - Ownership Structure: Detailed breakdown of ownership fractions and initial owners
3. Schedule 3 - Financial Contributions: Schedule of initial and ongoing financial obligations
4. Schedule 4 - Usage Schedule: System and rules for scheduling usage of the asset
5. Schedule 5 - Management Rules: Detailed procedures for asset management and administration
6. Schedule 6 - Fee Structure: Breakdown of all fees and charges applicable to owners
7. Appendix A - Registration Documents: Copies of relevant asset registration and title documents
8. Appendix B - Management Forms: Standard forms for various management and administrative processes
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