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Property Sharing Agreement

Property Sharing Agreement Template for Nigeria

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Key Requirements PROMPT example:

Property Sharing Agreement

"I need a Property Sharing Agreement for a joint family residential property in Lagos, Nigeria, to be shared between four siblings, with provisions for rental income distribution and clear succession rights in case of death of any party."

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Document background
The Property Sharing Agreement is a crucial legal instrument used in Nigeria when multiple parties need to formalize their respective rights and obligations in shared property ownership. This document becomes essential in various scenarios, including family property arrangements, business partnerships, or joint venture investments in real estate. The agreement must comply with Nigerian property law, particularly the Land Use Act of 1978, while also considering state-specific regulations and customary law where applicable. It typically includes detailed provisions on ownership percentages, management rights, financial responsibilities, dispute resolution mechanisms, and transfer restrictions. Property Sharing Agreements are particularly important in the Nigerian context due to the complex interplay between statutory and customary property rights, and the need for clear documentation to prevent future disputes.
Suggested Sections

1. Parties: Identification and details of all parties involved in the property sharing arrangement

2. Background: Context of the agreement, including history of property ownership and reason for sharing arrangement

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property/properties subject to the sharing agreement, including legal titles and registration details

5. Ownership Structure: Clear delineation of ownership shares and rights of each party

6. Management and Control: Rights and responsibilities regarding property management and decision-making

7. Financial Obligations: Distribution of costs, taxes, and maintenance expenses

8. Usage Rights: Terms governing how each party may use the property

9. Transfer Restrictions: Limitations on selling or transferring ownership shares

10. Dispute Resolution: Procedures for resolving conflicts between parties

11. Duration and Termination: Term of the agreement and conditions for termination

12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional matters

Optional Sections

1. Rental Income Distribution: Terms for sharing rental income if the property is to be leased

2. Third Party Rights: Provisions regarding rights of family members or other interested parties

3. Insurance Requirements: Specifications for property insurance and premium sharing

4. Mortgage Provisions: Terms relating to existing or future mortgage arrangements

5. Death or Incapacity: Procedures in case of death or incapacity of any party

6. Environmental Compliance: Terms regarding environmental regulations and compliance

7. Future Development: Provisions for future property development or improvements

8. Right of First Refusal: Terms giving co-owners priority rights to purchase others' shares

Suggested Schedules

1. Property Details Schedule: Detailed technical description of the property, including boundaries, measurements, and facilities

2. Title Documents: Copies of relevant title documents and registration certificates

3. Financial Schedule: Detailed breakdown of financial contributions and ownership percentages

4. Management Schedule: Specific procedures and rules for property management

5. Maintenance Schedule: Regular maintenance requirements and responsibilities

6. Site Plans and Surveys: Official plans, surveys, and maps of the property

7. Existing Tenancies: Details of any existing lease or rental agreements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Construction

Property Development

Agriculture

Education

Religious Organizations

Healthcare

Hospitality

Industrial

Retail

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Corporate Affairs

Compliance

Asset Management

Investment

Operations

Administrative Services

Relevant Roles

Legal Counsel

Property Manager

Real Estate Developer

Investment Manager

Facility Manager

Corporate Executive

Estate Administrator

Property Valuer

Land Administrator

Compliance Officer

Real Estate Agent

Asset Manager

Industries








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