The Power Of Partnership

Generate Agreement

WHY YOU NEED A FORMAL CO-OWNERSHIP AGREEMENT AND HOW WE HELP YOU CREATE THEM

Years of experience and talking to property partners have given us insight into most of the understandable questions people have about going partners on a vacation home.
A well-crafted agreement can ease the expected concerns about getting into a financial partnership with someone you might not know really well.

• What is the exit strategy? What happens if someone wants out? How is the price established?
• How do is usage allocated? What happens if one party doesn’t want to honor the usage sharing arrangements
• What happens if one party doesn’t meet their ongoing financial commitments?
• What happens if there are disagreements about level of upkeep or one party doesn’t maintain/respect the property? What is someone breaks something?
• What happens if there are unanticipated major expenses?
• Can the property be rented to third parties? How would the rental revenue be split? Can either party let friends stay at the property?
• What if there are (major) unexpected expenses?
• Who is going to manage the property (physically and administratively)?
• How do I make sure I don’t get a jerk for a partner?

Explicitly addressing these, and other “What ifs” in advance is the key to avoiding problems, arguments and misplaced expectations in the future.Our proprietary Dynamic Agreement Generator is designed to walk you through the process by offering options that YOU select as the ones that YOU want for YOUR partnership.

We make it simple to see and select different options and after doing so, provide a completed template “Letter of Understanding” that can be taken to an attorney who can create a formal legal document. For example, we offer 7 different “Usage” options to select from, and even those can be modified to meet your specific needs.

The cost of The VPP “Letter of Understanding” Dynamic Generator ® is only $500.
It will walk you through the whole process, explaining options at each stage.
When you have completed selecting and modifying your choices, you will be presented a document that you can take to your own attorney who can create a formal co-ownership agreement. By going through this Q&A in advance you may save tens of thousands of dollars in legal fees and address many issues that an attorney not familiar with co-ownership partnerships might not think to include.

The “Letter of Understanding” agreement generator is not intended to create a binding legal document, but rather to give the co-owners the opportunity to discuss and agree in principal to many of the issues that can arise during their partnership. We urge and strongly recommend that in addition to having these discussions, the partners take the Letter of Understanding to a Qualified real estate attorney and the appropriate jurisdiction to craft a formal legal agreement. The parties may even decide to you choose their own attorney to coordinate the crafting of the agreement.

Additional Fees Apply