A Property Sharing Agreement becomes necessary when multiple parties need to formalize their rights and responsibilities regarding shared property ownership or usage in India. This document is particularly relevant in situations involving family property division, joint property investments, or business partnership properties. The agreement must comply with Indian property laws, including the Transfer of Property Act 1882, Registration Act 1908, and relevant state-specific regulations. It typically includes detailed provisions about property management, cost sharing, usage rights, transfer restrictions, and dispute resolution mechanisms. Property Sharing Agreements are crucial for preventing future disputes and ensuring clear understanding among all parties about their rights and obligations in relation to the shared property.
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1. Parties: Details of all parties involved in the property sharing agreement, including their full names, addresses, and legal capacity
2. Background: Context of the agreement, including details of the property ownership, reason for sharing arrangement, and any relevant family or business relationships
3. Definitions: Definitions of key terms used throughout the agreement, including property-related terminology and specific terms relevant to the sharing arrangement
4. Description of Property: Detailed description of the property being shared, including legal description, boundaries, and registration details
5. Nature of Property Rights: Specification of the type of rights being shared (ownership, usage, income rights, etc.) and the proportion of sharing
6. Terms of Sharing: Detailed terms of how the property will be shared, including usage rights, maintenance responsibilities, and cost sharing
7. Management and Decision Making: Procedures for making decisions about the property, including maintenance, improvements, or sale
8. Financial Obligations: Distribution of financial responsibilities including taxes, maintenance costs, utilities, and insurance
9. Transfer Restrictions: Conditions and restrictions on transferring shares to third parties
10. Dispute Resolution: Mechanism for resolving disputes between parties
11. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
12. Governing Law: Specification of Indian law as the governing law and jurisdiction
1. Right of First Refusal: Used when parties want to give other shareholders the first option to purchase if one party wishes to sell their share
2. Rental Income Distribution: Include when the property is or may be rented out, specifying how rental income will be distributed
3. Family Usage Rights: Required when family members need specific access or usage rights to the property
4. Business Usage: Include when the property may be used for business purposes
5. Development Rights: Include when there's potential for property development or construction
6. Succession Rights: Include when parties want to specify how their share will be transferred upon death
7. Property Manager Appointment: Include when a property manager will be appointed to handle day-to-day management
1. Property Details Schedule: Detailed technical description of the property including land area, built-up area, boundaries, and amenities
2. Title Documents: List and copies of all relevant title documents proving ownership
3. Share Distribution Schedule: Detailed breakdown of how the property shares are distributed among parties
4. Maintenance Schedule: Schedule of maintenance responsibilities and cost sharing arrangements
5. Payment Schedule: If applicable, schedule of any payments to be made between parties
6. Property Plans: Architectural plans, layout drawings, and property maps
7. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances on the property
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