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Default draft · version 0.1 · 5 October 2026Published openly so you can see exactly what you would sign. Not legal advice. Under review by our Spanish lawyer. The final agreement for each home is agreed by all owners and signed at the latest at closing before the notary. The signed version is in Spanish and English, and the Spanish version prevails.
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Owners’ Agreement

Default draft for a Homebase co-owned home in Mallorca. Version 0.1, 5 October 2026. This draft is the starting point for every home. Its final form is agreed by all owners, at the latest at closing before the notary, and adapted to the structure chosen for the home. Spanish law applies. Not legal advice: each owner should review it with their own lawyer.

1. Parties and the home

1.1 This agreement is made between the owners of the home described in Annex 1 (the “Home”), each listed in Annex 2 with their number of shares (the “Owners”), and Mallorca Homebase S.L., Palma (“Homebase”), as manager of the Home.

1.2 The Home is divided into twelve (12) equal shares. Each share represents one twelfth (1/12, 8.33%) of the Home.

2. Structure

2.1 The Owners hold the Home in one of two ways, decided before the reservation stage and stated in Annex 1:

(a) Direct title (proindiviso): each Owner is registered on the title deed with an undivided share of the Home, under articles 392 and following of the Spanish Civil Code. This agreement governs the use and management of the Home between the Owners.

(b) Spanish company (S.L.): a Spanish limited company owns the Home, and each Owner holds participaciones in it in proportion to their shares. This agreement then operates as a shareholders’ agreement, and its key terms are also written into the company’s articles of association.

2.2 Where this agreement conflicts with mandatory Spanish law, the law prevails and the remaining terms continue to apply.

3. Ownership and use

3.1 Ownership. Each share is one twelfth of the Home and carries one vote, all year round. The Home is owned 100% by the Owners together, 52 weeks a year.

3.2 Use. Each share gives the right to use the Home for twenty-eight (28) nights a year, booked through the Guest App under the booking rules in Annex 3. No share owns a fixed week.

3.3 Care weeks. Four (4) weeks a year are reserved for the manager for repairs, maintenance and deep cleaning, with no owners or guests in the Home. They are placed, as far as possible, where the Owners use the Home least, and published with the yearly calendar.

3.4 Booking. The peak season (late June to mid September) has twelve weeks, one per share. The Owners book the following year in rounds each autumn; the order rotates every year and the second round runs in reverse. After the rounds, nights are booked first come, first served, for stays of 2 to 14 nights. Nights still free 30 days before arrival may be booked by any Owner without using their own nights.

3.5 Guests. An Owner may let family and friends use their nights. The Owner is responsible for their guests as for themselves.

4. No single owner controls the Home

4.1 Limit. No Owner, together with their family members and companies they control, may hold more than five (5) of the twelve shares, unless all the other Owners agree in writing.

4.2 Mandatory offer. If an Owner, with their family and controlled companies, comes to hold more than six (6) shares, that Owner must offer to buy all remaining shares at the same price per share, within 60 days.

5. Decisions

5.1 Ordinary decisions (the yearly budget, the booking calendar, ordinary maintenance, house rules within this agreement) are taken by a simple majority of shares.

5.2 Major decisions require at least 75% of all shares and at least half of the Owners counted by person:

(a) selling or encumbering the Home; (b) works or purchases above 5% of the yearly budget not already in it; (c) changing this agreement or the house rules in Annex 4; (d) appointing, replacing or changing the contract of the manager; (e) changing the number of shares; (f) renting out the Home as a whole outside the Owners’ own nights.

5.3 Meetings. The Owners meet at least once a year, in person or online. Decisions may also be taken in writing, including electronically. Each share has one vote.

5.4 Decisions validly taken bind all Owners.

6. Costs and the budget

6.1 The manager prepares a yearly operating budget, approved under clause 5.1. Each share pays one twelfth, monthly in advance, into the Owners’ account.

6.2 Third-party costs are charged at cost, with invoices. Homebase services are charged at the fixed prices in Annex 5. Homebase takes no mark-up and no commission from suppliers.

6.3 A maintenance reserve is kept in the Owners’ account as set in the budget. The starting reserve paid at closing forms part of it.

6.4 Each Owner bears their own taxes. The manager provides each Owner with a yearly statement for their shares for use in their own tax return.

7. Unpaid contributions

7.1 If an Owner is more than 60 days late with any payment, their right to book and use the Home is suspended until paid, with statutory interest.

7.2 After six (6) months of non-payment, the other Owners may by simple majority of the remaining shares require the share to be sold under clause 9, and the amount owed is settled from the proceeds.

8. Selling a share

8.1 An Owner may sell their shares at any time. There is no minimum holding period.

8.2 First refusal. The selling Owner first offers the shares to the other Owners at the intended price. The other Owners have 30 days to accept, in proportion to their shares if several accept.

8.3 If no Owner accepts, the shares may be sold to a third party at a price not lower than the offered price. The buyer must accede to this agreement in writing. Homebase markets the shares at the selling Owner’s request for a fee of 5% of the price, paid by the seller.

8.4 Under direct title, the statutory right of redemption of co-owners (retracto de comuneros, articles 1522 and 1524 of the Civil Code) also applies. Under an S.L., the transfer rules of the articles of association apply (Ley de Sociedades de Capital, articles 107 and following).

8.5 Each Home is a separate investment. Shares cannot be exchanged or transferred between homes.

9. Forced sale

9.1 An Owner may be required to sell their shares if they, or their guests, seriously or repeatedly breach this agreement or the house rules, after a written warning describing the breach and a reasonable period to stop it.

9.2 The decision requires 75% of the shares of the other Owners. The affected Owner does not vote.

9.3 The shares are sold at market value, set by an independent valuer if the parties do not agree, first to the other Owners under clause 8.2 and then to third parties. Costs, damage and amounts owed are settled from the proceeds.

10. Renting out

10.1 Where the Home holds a holiday rental licence (ETV), each Owner may release their own nights for rental through Homebase Rent on the terms in Annex 5. Rental income, after the rental fee and costs, belongs to the Owner whose nights are rented.

10.2 No Owner may rent out the Home through any other channel without a decision under clause 5.2.

11. The manager

11.1 The Owners appoint Homebase as manager (Home Director) under the management agreement in Annex 5, covering Property Management, Owners Management and the Guest App.

11.2 The Owners may replace the manager under clause 5.2(d). On replacement, Homebase hands over all supplier contracts, records, accounts and access to the new manager within 30 days.

11.3 Supplier contracts are made in the name of the Owners (or the S.L.) wherever possible.

12. Duration and keeping the Home whole

12.1 The Owners agree not to request division of the Home for ten (10) years from closing, renewable by new agreement, as permitted by article 400 of the Civil Code.

12.2 After seven (7) years, Owners holding at least 50% of the shares may call a vote on selling the whole Home; the sale itself requires a major decision under clause 5.2.

13. Death and succession

13.1 On the death of an Owner, the shares pass to their heirs, who accede to this agreement. Heirs may sell under clause 8 without the 30-day period running until the inheritance is accepted.

14. Disputes

14.1 The Owners first try to resolve any dispute by discussion, then by mediation in Palma. Failing that, the courts of Palma de Mallorca have jurisdiction, unless the Owners agree on arbitration.

14.2 This agreement is governed by Spanish law.

15. Language and final form

15.1 This draft is provided in several languages for information. The version signed at closing is in Spanish and English; if they differ, the Spanish version prevails.

15.2 This is a default draft. The final agreement for each Home is agreed by all Owners and signed at the latest at closing before the notary.

Annexes

Annex 1: The Home and the structure. Annex 2: Owners and shares. Annex 3: Booking rules and calendar. Annex 4: House rules. Annex 5: Management agreement, Homebase price list and Homebase Rent terms.