The Tenants In Common Co-Ownership Agreement is essential when multiple parties wish to own defined shares of a property in Ireland while maintaining individual ownership rights. This arrangement is commonly used for investment properties, family property arrangements, or when unrelated parties purchase property together. The agreement is structured under Irish property law, particularly the Land and Conveyancing Law Reform Act 2009, and provides a framework for managing the relationship between co-owners. It addresses crucial aspects such as ownership proportions, property management, financial responsibilities, decision-making processes, and exit strategies. This document is particularly important as it provides clarity and legal protection for all parties involved, helping prevent future disputes and establishing clear procedures for various scenarios that may arise during co-ownership.
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1. Parties: Identification of all co-owners with their full legal names and addresses
2. Background: Context of the agreement, including property details and purpose of the co-ownership arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Ownership Shares: Specification of each co-owner's percentage share in the property
5. Property Usage Rights: Rules governing how co-owners can use the property, including access and occupancy rights
6. Management and Decision Making: Procedures for making decisions about the property and its management
7. Financial Obligations: Distribution of costs, including maintenance, repairs, insurance, and property taxes
8. Transfer of Interest: Rules regarding the sale or transfer of ownership shares
9. Dispute Resolution: Procedures for resolving disagreements between co-owners
10. Property Maintenance: Responsibilities for maintaining the property and organizing repairs
11. Insurance Requirements: Obligations regarding property insurance and other necessary coverage
12. Termination: Conditions and procedures for terminating the co-ownership agreement
1. Rental Arrangements: Procedures for renting out the property, if applicable
2. Property Improvements: Rules for making and paying for property improvements or renovations
3. Death or Incapacity: Provisions for handling ownership in case of death or incapacity of a co-owner
4. Buy-Out Provisions: Detailed procedures for one co-owner buying out another's share
5. Mortgage Obligations: Terms regarding existing or future mortgages, if applicable
6. Property Manager: Provisions for appointing and working with a property manager
7. Holiday Home Usage: Specific arrangements for sharing usage if property is a holiday home
8. Business Use: Special provisions if the property will be used for business purposes
1. Schedule 1 - Property Details: Detailed description of the property including title details and boundaries
2. Schedule 2 - Ownership Percentages: Detailed breakdown of ownership shares and initial capital contributions
3. Schedule 3 - Financial Contributions: Record of financial contributions made by each co-owner
4. Schedule 4 - Property Rules: Detailed rules for property use and maintenance
5. Schedule 5 - Valuation Method: Agreed method for valuing the property for buy-out or sale purposes
6. Appendix A - Property Plans: Plans, maps or drawings of the property
7. Appendix B - Initial Condition Report: Documentation of property condition at agreement inception
8. Appendix C - Insurance Certificates: Copies of relevant insurance documentation
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