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Property Sharing Agreement
"I need a Property Sharing Agreement for a commercial building in Riyadh, to be shared between three corporate entities starting March 2025, with specific provisions for retail space management and cost allocation for common areas."
1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and national ID numbers/CR numbers
2. Background: Context of the agreement, including property details and purpose of the sharing arrangement
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Details: Comprehensive description of the shared property, including title deed numbers, location, and dimensions
5. Ownership Structure: Details of ownership shares and rights of each party
6. Management and Administration: Rules for property management, decision-making processes, and voting rights
7. Financial Obligations: Cost sharing arrangements, including maintenance, utilities, taxes, and other expenses
8. Usage Rights and Restrictions: Terms governing how the property can be used, including access rights and restrictions
9. Transfer of Rights: Procedures and conditions for transferring ownership shares
10. Insurance and Risk: Requirements for property insurance and allocation of risks
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Dispute Resolution: Procedures for resolving disputes in accordance with Saudi law
13. Governing Law: Confirmation of Saudi law and Sharia principles as governing law
14. Notices: Methods and requirements for formal communications between parties
1. Property Manager: Required when parties agree to appoint a professional property manager, defining their role and responsibilities
2. Commercial Use Provisions: Required when the property will be used for commercial purposes, including specific commercial terms
3. Foreign Ownership Compliance: Required when any party is a non-Saudi national, addressing compliance with foreign ownership regulations
4. Mortgage and Financing: Required when the property is or may be subject to mortgage or financing arrangements
5. Inheritance Provisions: Required when parties wish to address Islamic inheritance principles specifically
6. Development Rights: Required when parties anticipate future development or major modifications to the property
7. Right of First Refusal: Optional clause giving existing parties priority rights to purchase others' shares
1. Property Title Deed: Copy of official property documentation and registration details
2. Floor Plans and Maps: Detailed plans showing property layout and boundaries
3. Ownership Schedule: Detailed breakdown of ownership percentages and specific areas assigned to each party
4. Cost Allocation Schedule: Detailed breakdown of how various costs and expenses are to be shared
5. Management Procedures: Detailed procedures for property management and decision-making
6. Maintenance Schedule: Schedule of regular maintenance responsibilities and cost sharing
7. Usage Rules and Regulations: Detailed rules governing the day-to-day use of the property
8. Registration Documents: Copies of all relevant registration certificates and permits
Authors
Real Estate
Commercial Property
Residential Property
Hospitality
Retail
Industrial
Mixed-Use Development
Religious Endowments
Family Business
Investment Management
Legal
Real Estate
Facilities Management
Asset Management
Property Management
Compliance
Risk Management
Operations
Business Development
Investment
Corporate Affairs
Documentation
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Director
Facilities Manager
Asset Manager
Investment Manager
Property Development Manager
Compliance Officer
Risk Manager
Operations Director
Chief Legal Officer
Real Estate Partner
Business Development Manager
Family Office Manager
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