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Joint Home Ownership Agreement Template for Ireland

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Key Requirements PROMPT example:

Joint Home Ownership Agreement

I need a Joint Home Ownership Agreement for a property purchase with my business partner, where we'll have a 70-30 ownership split and plan to rent out the property starting March 2025.

Document background
A Joint Home Ownership Agreement is essential when two or more parties wish to purchase and own property together in Ireland. This document is commonly used by unmarried couples, friends, family members, or business partners who are jointly investing in property. It provides legal protection and clarity by defining ownership shares, financial obligations, usage rights, and decision-making processes. The agreement helps prevent future disputes by establishing clear procedures for property management, sale, or ownership transfer. It must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009, the Registration of Title Act 1964, and other relevant legislation. This agreement is particularly important as it addresses scenarios not automatically covered by standard property law, such as relationship breakdown between unmarried co-owners or unequal financial contributions to the property purchase.
Suggested Sections

1. Parties: Identification of all co-owners with their full legal names and addresses

2. Background: Context of the agreement, including details of the property purchase and the parties' intention to own the property jointly

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Full legal description of the property including folio number and address

5. Ownership Structure: Specification of ownership shares and whether the property is held as joint tenants or tenants in common

6. Financial Contributions: Details of initial purchase contributions and ongoing financial responsibilities

7. Property Usage: Rules regarding occupancy, rental, and use of the property

8. Maintenance and Repairs: Responsibilities and cost-sharing for property maintenance and repairs

9. Decision Making: Process for making decisions about the property

10. Sale or Transfer: Procedures for selling the property or transferring ownership shares

11. Death of a Co-owner: Provisions for what happens to ownership shares upon death

12. Dispute Resolution: Procedures for resolving disagreements between co-owners

13. Governing Law: Confirmation that the agreement is governed by Irish law

14. Execution: Signature blocks and witnessing requirements

Optional Sections

1. Mortgage Provisions: Required if the property is mortgaged, detailing mortgage responsibilities and payments

2. Rental Income: Include if the property will be rented out, detailing how rental income will be distributed

3. Property Management: Include if a property manager will be appointed or if the property is part of a managed development

4. Buy-out Provisions: Details of the process if one owner wishes to buy out the other's share

5. Relationship Breakdown: Include for unmarried couples or friends, addressing property division in case of relationship breakdown

6. Insurance Requirements: Detailed insurance obligations if specific coverage is required

7. Home Business Use: Include if any owner plans to operate a business from the property

8. Pets and Alterations: Include if specific rules about pets or property alterations are needed

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including maps, plans, and boundaries

2. Schedule 2 - Financial Contributions: Detailed breakdown of initial contributions and ownership percentages

3. Schedule 3 - Mortgage Details: Details of any mortgage agreement including lender information and payment schedules

4. Schedule 4 - Maintenance Schedule: Detailed maintenance responsibilities and schedules

5. Appendix A - Property Valuation: Initial property valuation report

6. Appendix B - Property Title Documents: Copies of relevant title documents and land registry entries

7. Appendix C - Agreed Improvements: List of agreed future improvements and their cost allocation

Authors

Alex Denne

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

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Real Estate

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Legal

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Relevant Roles

Property Lawyer

Real Estate Agent

Mortgage Advisor

Property Manager

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Conveyancer

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Insurance Broker

Property Developer

Bank Manager

Legal Secretary

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