The Equity Sharing Agreement (Real Estate) is essential for parties seeking to establish shared ownership of real estate properties in Canada. This document is commonly used when multiple individuals, families, or entities wish to pool resources for property investment, development, or ownership. It addresses crucial aspects required by Canadian federal and provincial legislation, including ownership structure, financial obligations, property management, and exit strategies. The agreement is particularly relevant in scenarios involving family property co-ownership, investment partnerships, or corporate real estate ventures. It must comply with provincial property laws, securities regulations, and tax requirements while providing a clear framework for shared property ownership and management. The document is designed to prevent future disputes by clearly defining rights, responsibilities, and procedures for all involved parties.
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1. Parties: Identification of all parties to the agreement, including their legal names, addresses, and status
2. Background: Context of the agreement, including the property details and purpose of the equity sharing arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Ownership Structure: Details of ownership percentages and type of title holding
5. Financial Contributions: Initial and ongoing financial contributions of each party
6. Property Management: Rights and responsibilities regarding property management and decision-making
7. Expenses and Cost Sharing: Allocation of property expenses, maintenance costs, and other financial obligations
8. Income Distribution: Distribution of rental income or other property-generated revenue
9. Transfer Restrictions: Limitations on transferring ownership interests and right of first refusal provisions
10. Exit Mechanisms: Procedures for selling the property or buying out other parties
11. Default and Remedies: Consequences of default and available remedies
12. Dispute Resolution: Process for resolving disputes between parties
13. General Provisions: Standard contract clauses including governing law, notices, and amendments
1. Occupancy Rights: Used when one or more owners will occupy the property, detailing occupancy terms and conditions
2. Mortgage Provisions: Required when the property is mortgaged, detailing mortgage responsibilities and obligations
3. Property Development: Included when parties plan to develop or significantly renovate the property
4. Special Tax Provisions: Added when specific tax arrangements or structures are needed
5. Property Management Company: Required when a third-party property manager will be engaged
6. Insurance Requirements: Detailed insurance provisions when specific coverage is required beyond standard provisions
7. Death and Incapacity: Added when parties want specific provisions for succession planning
1. Schedule A - Property Description: Legal description and details of the subject property
2. Schedule B - Initial Contributions: Detailed breakdown of each party's initial financial contributions
3. Schedule C - Ownership Percentages: Specific allocation of ownership interests
4. Schedule D - Expense Allocation: Detailed breakdown of how various expenses are to be shared
5. Schedule E - Property Management Procedures: Detailed procedures for property management and decision-making
6. Schedule F - Valuation Methods: Agreed methods for property valuation in case of buyout or sale
7. Appendix 1 - Property Condition Report: Initial condition assessment of the property
8. Appendix 2 - Financial Statements: Template for ongoing financial reporting
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