A Property Split Agreement is essential in the UAE when two or more parties need to formally divide property ownership. This document is commonly used in scenarios such as business partnership dissolutions, family property divisions, or joint investment separations. The agreement must comply with UAE federal laws, including the Civil Code (Federal Law No. 5 of 1985) and relevant emirate-specific property regulations. It includes detailed property descriptions, agreed valuations, division terms, transfer procedures, and financial settlements. The document considers both common law principles and Sharia law influences, making it particularly suitable for the UAE jurisdiction. Property Split Agreements require registration with the relevant land department and may need notarization, depending on the emirate's specific requirements.
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1. Parties: Identification and details of all parties involved in the property split, including full legal names, Emirates ID numbers, and contact information
2. Background: Context of the property split, including history of property ownership and reasons for division
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of all properties subject to the split, including title deed numbers and location details
5. Division Terms: Detailed terms of how the property will be split, including percentage shares and specific allocations
6. Valuation: Agreed property valuations and methodology used for determining values
7. Financial Settlement: Details of any financial settlements, payments, or adjustments between parties
8. Transfer Process: Process and timeline for executing the property transfer and division
9. Costs and Taxes: Allocation of costs, fees, and taxes related to the property split
10. Warranties and Representations: Warranties given by each party regarding property ownership and encumbrances
11. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction for disputes
12. Execution: Signature requirements and execution formalities
1. Mortgage Arrangements: Details of existing mortgages and how they will be handled - included when properties are mortgaged
2. Third Party Rights: Addressing any third-party interests or rights in the property - included when relevant
3. Property Management: Interim property management arrangements until division is completed - for complex splits
4. Rental Income: Division of rental income if property is leased - for income-generating properties
5. Maintenance Obligations: Responsibilities for property maintenance during transition - for properties requiring significant maintenance
6. Dispute Resolution: Detailed dispute resolution procedures - for high-value or complex splits
1. Schedule 1 - Property Details: Detailed legal descriptions of all properties, including title deeds, floor plans, and boundary information
2. Schedule 2 - Valuation Reports: Professional valuation reports and supporting documentation
3. Schedule 3 - Financial Statement: Detailed breakdown of financial settlements, payments, and adjustments
4. Schedule 4 - Transfer Timeline: Detailed timeline for property transfer process and key milestones
5. Appendix A - Property Photos: Current photographs and condition reports of properties
6. Appendix B - Supporting Documents: Copies of relevant certificates, permits, and other supporting documentation
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