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The Property Co-Ownership Agreement is essential when multiple parties (individuals or entities) acquire shared ownership of real estate in Saudi Arabia. This document is particularly crucial given the complexity of property ownership structures in the Kingdom and the need to comply with both Shariah principles and Saudi regulations. It's commonly used in family property arrangements, joint business ventures, and investment partnerships where multiple parties hold ownership interests in a single property. The agreement covers crucial aspects such as ownership percentages, management rights, cost sharing, and decision-making processes, while incorporating specific requirements of Saudi property law, including restrictions on foreign ownership and compliance with local municipality regulations. This type of agreement has become increasingly important with the growth of real estate investment and development in Saudi Arabia, particularly in light of Vision 2030's emphasis on property sector development.

1. Parties: Identification of all co-owners with full legal names, addresses, and national ID/commercial registration numbers

2. Background: Context of the co-ownership arrangement, including property acquisition details and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including title deed number, location, boundaries, and total area

5. Ownership Structure: Details of ownership percentages and corresponding rights of each co-owner

6. Management and Decision Making: Procedures for property management decisions and voting rights based on ownership shares

7. Financial Obligations: Distribution of costs, expenses, and revenue sharing among co-owners

8. Use and Occupation: Rules governing property usage, access rights, and restrictions

9. Maintenance and Repairs: Responsibilities and cost allocation for property maintenance and repairs

10. Insurance: Requirements for property insurance and premium sharing

11. Transfer of Ownership Rights: Procedures and restrictions for selling or transferring ownership shares

12. Dispute Resolution: Process for resolving disputes between co-owners in accordance with Saudi law

13. Term and Termination: Duration of the agreement and circumstances for termination

14. Governing Law: Confirmation of Saudi law and Shariah principles as governing law