The Property Co-Ownership Agreement is essential when two or more parties wish to establish clear terms for jointly owning property in Nigeria. This document becomes necessary in various scenarios, including family property arrangements, business partnerships, or investment collaborations. It ensures compliance with Nigerian property laws, including the Land Use Act 1978 and state-specific regulations, while addressing crucial aspects such as ownership shares, financial responsibilities, property management, decision-making processes, and dispute resolution. The agreement helps prevent future conflicts by clearly defining each co-owner's rights and obligations, providing mechanisms for property use and maintenance, and establishing procedures for ownership transfer or agreement termination.
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1. Parties: Identification and details of all co-owners entering into the agreement
2. Background: Context of the co-ownership arrangement, including property details and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property, including legal description and registration details
5. Ownership Shares: Specification of each co-owner's percentage of ownership and rights
6. Financial Obligations: Details of cost sharing, including maintenance, repairs, taxes, and utilities
7. Management and Decision Making: Process for making decisions about the property and required majority for different types of decisions
8. Use and Occupation: Rules regarding property usage, access rights, and occupation arrangements
9. Transfer of Interest: Procedures for selling or transferring ownership shares, including right of first refusal
10. Dispute Resolution: Process for resolving disagreements between co-owners
11. Termination: Circumstances and procedures for terminating the co-ownership arrangement
12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
1. Rental Income: Terms for sharing rental income if the property is to be leased - include if property will be rented out
2. Property Manager: Appointment and duties of a property manager - include if professional management is needed
3. Death or Incapacity: Procedures in case of death or incapacity of a co-owner - particularly important for family arrangements
4. Insurance: Requirements for property insurance and responsibility for premiums - include if specific insurance arrangements needed
5. Mortgage Provisions: Terms relating to any mortgage or financing - include if property is mortgaged
6. Special Use Provisions: Specific rules for special property features (e.g., pool, garden) - include if property has special features
7. Buy-Out Provisions: Detailed procedures for one owner buying others out - include if owners want this option
1. Property Description Schedule: Detailed legal description of the property, including boundaries and registration details
2. Ownership Schedule: Details of ownership percentages and initial capital contributions
3. Financial Contributions Schedule: Breakdown of financial responsibilities and payment schedules
4. Property Rules and Regulations: Detailed rules for property use and maintenance
5. Management Procedures: Detailed procedures for property management and decision-making
6. Valuation Methodology: Agreed method for property valuation in case of sale or buy-out
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