The Joint Home Ownership Agreement is essential when two or more parties decide to purchase and own real estate property together in Germany. This document becomes necessary in various scenarios, such as couples buying their first home, family members inheriting property, or investors pooling resources for property acquisition. The agreement must comply with German property law, particularly the German Civil Code (BGB) and the Land Register Law (Grundbuchordnung). It details crucial aspects such as ownership percentages, financial responsibilities, usage rights, maintenance obligations, and decision-making processes. The document requires notarization under German law and must be registered with the land registry (Grundbuch). It serves as a foundational document that prevents future disputes by clearly establishing each owner's rights and responsibilities.
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1. Parties: Identification and details of all co-owners, including full legal names, addresses, and ownership percentages
2. Background: Context of the joint purchase, relationship between parties, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including Property, Common Areas, Ownership Share, etc.
4. Property Details: Complete description of the property including address, land register details, and property boundaries
5. Ownership Structure: Detailed breakdown of ownership shares and associated rights
6. Financial Obligations: Distribution of costs including purchase price, mortgage payments, maintenance, utilities, and taxes
7. Property Management: Decision-making processes, maintenance responsibilities, and property administration
8. Usage Rights: Rules regarding property use, access rights, and allocation of spaces
9. Transfer Restrictions: Conditions and procedures for selling or transferring ownership shares
10. Dispute Resolution: Procedures for resolving conflicts between co-owners
11. Term and Termination: Duration of the agreement and conditions for termination of co-ownership
12. Governing Law: Confirmation of German law application and jurisdiction
1. Mortgage Arrangements: Details of joint mortgage responsibilities when the property is financed through a bank loan
2. Rental Provisions: Rules for renting out the property or portions thereof to third parties
3. Property Improvements: Procedures for deciding on and implementing property improvements or modifications
4. Insurance Requirements: Specific insurance obligations beyond standard requirements
5. Right of First Refusal: Procedures giving co-owners priority rights to purchase another's share
6. Succession Rights: Provisions for handling ownership in case of death or incapacity of a co-owner
7. Property Usage Schedule: Specific scheduling arrangements if co-owners use the property at different times
8. Business Use Provisions: Special provisions if any part of the property will be used for business purposes
1. Property Description: Detailed property specifications, including floor plans and land registry excerpts
2. Financial Schedule: Detailed breakdown of initial contributions, ongoing costs, and payment arrangements
3. Maintenance Schedule: Regular maintenance tasks, responsibilities, and timeframes
4. House Rules: Detailed rules for property use, noise regulations, parking, etc.
5. Inventory List: List of jointly owned furniture, appliances, and equipment
6. Contact Information: Complete contact details for all parties, property manager, and key service providers
7. Insurance Certificates: Copies of all relevant insurance policies
8. Land Register Extract: Current extract from the German land register (Grundbuch)
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