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Obtaining the right fractional documentation

| Guidance | October 16, 2012

yours2share strongly recommends that any sharing agreement is recorded in writing and that all sharers take independent legal advice before signing any sharing agreement. This is standard practice for purchase of real property and is also essential for the purchase of other high value assets. Aside from the legal requirement involved, it simply ensures that each party knows where the other stands and helps to avoid disputes in the future. The contract is your proof that you and your partners are like-minded and compatible.

To help you we offer a number of template sharing agreements. These are professionally drawn contracts written by Net Lawman, an online provider of legal documents and legal advice. Our list of documents is growing steadily.

Here are some useful links:

About the documents

  • The document you need depends upon your asset and the sharing structure.
  • You simply download the document template that suits you.
  • The templates are in Word format.
  • Your template document may suit you immediately, without change
  • Or you can make small changes to suit your precise requirements
  • Almost every document comes with comprehensive explanatory notes to guide you through the minefield. We start with an “include everything” policy. That way, you simply edit out what you don’t need with the help of our notes.

You can use these to set up a framework of your deal, then, if you need to consult a solicitor or professional legal advisor, you can do this with the preliminary work done. This will help to reduce your legal costs.

If you need a bespoke document, Net Lawman can draft this for you, for a cost that will be a lot less than asking an independent professional legal advisor to draft a new document from scratch.

If the sharing agreement is for fractional ownership or joint ownership of real property, then the transfer of ownership (conveyancing) must be done by a solicitor. But you can still save money by using the Net Lawman document for the sharing agreement.

It is also important that you get independent advice at an early stage if you are considering entering into a sharing agreement for an asset which is not based in your home country. The laws covering ownership and renting can vary substantially from country to country. It is possible that some sharing agreements are not possible or are very risky in some countries. yours2share cannot give guidance on the the legal framework for sharing in any country other than England and Wales, Net Lawman can also advise in certain other countries including: Australia, India, Ireland, New Zealand, Scotland and South Africa.

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