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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.
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
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
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
Real Estate
Legal Services
Financial Services
Property Management
Insurance
Construction
Banking
Residential Property
Legal
Real Estate
Property Management
Conveyancing
Mortgage Services
Risk Management
Compliance
Customer Relations
Documentation
Property Lawyer
Real Estate Agent
Mortgage Advisor
Property Manager
Legal Counsel
Conveyancer
Property Valuer
Financial Advisor
Insurance Broker
Property Developer
Bank Manager
Legal Secretary
Paralegal
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An Irish law-governed agreement establishing the terms and conditions for joint business ownership between multiple parties.
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