A Property Sharing Agreement is essential when two or more parties wish to formalize their co-ownership arrangement of real property in the Philippines. This document is commonly used in various scenarios, including family property holdings, business partnerships, and investment groups. The agreement must comply with the Philippine Civil Code, particularly Articles 484-501 on Co-ownership, and other relevant property laws. It typically includes detailed provisions on ownership percentages, property management, financial responsibilities, decision-making processes, and dispute resolution mechanisms. The document serves as a crucial tool for preventing conflicts and providing clear guidelines for property co-ownership, whether for residential, commercial, or investment purposes. It's particularly important in the Philippine context where extended family property ownership and business partnerships in real estate are common.
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1. Parties: Identification and details of all co-owners entering into the agreement
2. Background: Context of the property sharing arrangement, including property acquisition history and purpose of the agreement
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Details: Complete description of the shared property, including legal description, title details, and location
5. Ownership Shares: Specification of each party's ownership percentage and the basis for determining these shares
6. Rights and Obligations: Detailed outline of each co-owner's rights and responsibilities regarding the property
7. Use and Possession: Rules governing how the property may be used, occupied, or accessed by the co-owners
8. Management and Decisions: Procedures for making decisions about property management, maintenance, and improvements
9. Financial Obligations: Distribution of costs, expenses, taxes, and other financial responsibilities
10. Transfer of Interest: Rules regarding the sale, transfer, or encumbrance of ownership shares
11. Default and Remedies: Consequences of breach and available remedies for affected parties
12. Dispute Resolution: Process for resolving conflicts between co-owners
13. Term and Termination: Duration of the agreement and circumstances under which it may be terminated
14. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction
15. General Provisions: Standard contractual provisions including notices, amendments, and severability
1. Rental Income: Provisions for sharing rental income if the property is to be leased out
2. Property Development: Terms governing future development or improvement of the property
3. Death or Incapacity: Provisions dealing with succession of ownership shares in case of death or incapacity
4. Right of First Refusal: Procedures giving co-owners priority rights to purchase other shares
5. Property Insurance: Requirements and cost-sharing for property insurance
6. Mortgage Provisions: Terms regarding existing or future mortgages on the property
7. Property Manager: Appointment and duties of a property manager if applicable
1. Property Title: Copy of the property title and technical description
2. Property Valuation: Recent property valuation report or assessment
3. Contribution Schedule: Detailed breakdown of initial contributions by each co-owner
4. Maintenance Schedule: Regular maintenance requirements and responsibilities
5. Cost Allocation: Detailed breakdown of how various costs and expenses are to be shared
6. Property Rules: Specific rules and regulations for property use and management
7. Insurance Certificates: Copies of property insurance policies and certificates
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