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Buy Sell Agreement Between Co Owners Of Real Property
1. Parties: Identification of all co-owners and their current ownership percentages
2. Background: Brief description of the property, how the co-ownership was established, and the purpose of the agreement
3. Definitions: Key terms used throughout the agreement including Property, Fair Market Value, Transfer Event, etc.
4. Property Description: Detailed description of the real property including address, land registry details, and current usage
5. Ownership Structure: Current ownership percentages and any specific rights or obligations attached to each owner's share
6. Transfer Events: Circumstances that trigger the buy-sell provisions (death, disability, divorce, voluntary sale, etc.)
7. Valuation Method: Process for determining the property's value when a transfer event occurs
8. Purchase Price and Payment Terms: How the purchase price is calculated and the terms of payment
9. Right of First Refusal: Process and timeframes for existing co-owners to purchase another owner's share
10. Transfer Procedure: Step-by-step process for executing the transfer of ownership
11. Costs and Taxes: Allocation of transfer costs, registration fees, and tax obligations
12. Dispute Resolution: Procedures for resolving disagreements between co-owners
13. Governing Law: Confirmation of Danish law application and jurisdiction
14. Signatures: Execution block for all parties
1. Life Insurance Provisions: Required when co-owners want to fund potential buyouts through life insurance policies
2. Mortgage and Financing: Include when there are existing mortgages or specific financing requirements for buyouts
3. Property Management: Include when co-owners want to establish rules for day-to-day management and maintenance
4. Rental Income Distribution: Required when the property generates rental income that needs to be distributed
5. Exit Strategy: Include when parties want to establish specific procedures for complete property sale or dissolution of co-ownership
6. Third Party Sales: Include when owners want to establish procedures for selling to external parties
7. Environmental Provisions: Include when the property has specific environmental concerns or requirements
1. Property Details: Detailed property description, including land registry information, boundaries, and included fixtures
2. Current Ownership Structure: Detailed breakdown of current ownership shares and any special rights
3. Valuation Framework: Specific methodology and procedures for property valuation
4. Insurance Requirements: Details of required insurance coverage and policy specifications
5. Existing Encumbrances: List of current mortgages, liens, or other encumbrances on the property
6. Property Management Rules: Detailed rules and procedures for property management and maintenance
7. Transfer Documentation: Templates for notices, transfer documents, and other required forms
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