Ownership agreemnts

[Clive_Rigden]

Does anyone have a template for a legal agreement between two or three people having an equal share of ownership of a yacht but where one person may be initially putting in a larger share of the purchase price on condition that the other partner(s) pay him as and when he/they are able to do so?


<hr width=100% size=1>Clive Rigden

 

[BigLes]

I've sent you a PM.

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[Clive_Rigden]

Thanks Les.

Since posting the message I realized I had a copy of the R.Y.A.'s The yachtsman's lawyer in the office. All advice gratefully received, however. the tricky bit is that one of our sindicate is stumping up most of the money on the understanding that the other(s) will repay him as and when funds allow.

Cheers!
Clive

<hr width=100% size=1>Clive Rigden

 

[SteveGorst]

Then the one who is stumping up most of the money owns more shares. As the others can pay him back they can buy shares off him. I think the contract you have is divided into 64ths, so there a lot of shares to play with and make a suitable allocation each.

<hr width=100% size=1><A target="_blank" HREF=http://"www.nwcc.info">North Wales Cruising Club</A>

 

[tcm]

i agree. The deal should stand up on the day, and the next day. Having a three-way split where two others pay "as and when funds allow" effectively offer the other two a cheap route out - revalue the boat when it's a year old, heyho, it's worth precisely three times what Mr cheapie put in. Now how dya get money out of him to invest in something of which he already owns a third?

The only reason for an agreemenrt is to protect in case there's a falling out.

There's no point in having a piece of paper which assumes you won't fall out, other than to say "yeah, as me and that stevegorst agreed in the pub, it's our boat between us and we'll sort out the money thing"

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[Clive_Rigden]

Thanks Steve!
That's probably the best way round it.

<hr width=100% size=1>Clive Rigden