A Property Sharing Agreement is essential when multiple parties wish to share ownership or usage rights of a property in Singapore. This document is commonly used for both residential and commercial properties, establishing clear terms for co-ownership arrangements. It addresses crucial aspects such as ownership structure, financial responsibilities, maintenance obligations, and dispute resolution mechanisms, while ensuring compliance with Singapore's property laws and regulations. The agreement helps prevent future disputes by clearly documenting each party's rights and obligations in the shared property arrangement.
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1. Parties: Identification and details of all parties involved in the sharing arrangement
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Property Details: Specific description of the shared property including address, title details, and physical description
5. Ownership Structure: Details of how the property is shared between parties, including ownership percentages and rights
6. Financial Obligations: Cost sharing arrangements and financial responsibilities including maintenance, taxes, and utilities
7. Usage Rights: Terms governing the use of the shared property including access rights and restrictions
8. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
9. Governing Law: Specification that Singapore law governs the agreement and jurisdiction details
1. Property Management: Rules for managing the property, including maintenance schedules and decision-making processes
2. Exit Provisions: Detailed procedures for selling shares, first right of refusal, and termination processes
3. Dispute Resolution: Procedures for resolving conflicts including mediation and arbitration provisions
4. Insurance: Requirements for property insurance and allocation of insurance costs
5. Alterations and Improvements: Procedures for making changes to the property and cost-sharing for improvements
1. Schedule 1 - Property Title Documents: Copies of official property ownership documents and title deeds
2. Schedule 2 - Financial Contribution Schedule: Detailed breakdown of financial contributions by each party including initial contributions and ongoing expenses
3. Schedule 3 - Usage Schedule: Specific arrangements for property usage times/areas if applicable
4. Schedule 4 - Maintenance Schedule: Details of maintenance responsibilities and cost allocation between parties
5. Appendix A - Property Floor Plan: Detailed floor plan showing shared and exclusive use areas if applicable
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