Template contracts for sharing arrangements

yours2share strongly recommends that any sharing agreement is recorded in writing and that all sharers take professional 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.

There are three fundamental mechanisms for sharing all assets:

• Joint ownership by all parties (co-ownership, shared ownership, partial ownership or fractional ownership)
• One party owns and the other(s) pay for use or occupation through a licence, lease or hire agreement
• Shared use, where no money changes hands, as both sides benefit in other ways.

This case study is unusual in a couple of respects:

• The owner, who only uses their boat occasionally, has sold a 25% share to keep the boat in use throughout the year and to create some income. Although it is more common for the shares to be equal, they don't have to be.
• The arrangement is based upon the sharers using the boat together, rather than each owner having sole use of the boat when it is their turn

Three Yorkshiremen, Ian Chapman, Tom Harrison and Geoff Sumner had never heard of each other until autumn 2007, but six months later, they bought a Fairline Targa 40 together for £155,000.

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.

These documents have been drawn by legal professionals at Net Lawman and sharing experts at yours2share.

yours2share strongly recommends that any sharing agreement is recorded in writing and that all sharers take professional 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.

• Templates for sharing property, boats, horses and aircraft
• Obtaining the right fractional documentation
• What are the possible sharing agreements available
• What documentation is required

The issues relating to meetings and disputes that need to be covered in a Trust Deed or sharing agreement?

The issues relating to the use of the asset that need to be covered in a Trust Deed or sharing agreement?