Hello all,
I never had any rental properties before so I am partnering with someone on buying a property that already has a tenant in it for the next 21 months just to increase my comfort zone. My questions is do you have any sample partnership agreements that cover all the duty, responsibility or expectation on property? For instance if the pipe leaks or freezes in the middle of the night, who will be called on it. Or 2 years from now if I decide to sell it and the other partner decide to keep it, how do we solve this issue. I think I need something in writing just to avoid the misunderstanding down the road, but I am not quite sure how to write it.
I spent $500 on a partnership agreement that was over 40 to 50 pages and got screwed by my partner. I suggest just start writing what you want the agreement to say and what the duties of each partner are and what happens if one of you die etc and then you both sign it and you have a partnership agreement. If you can get your hands on another agreement from another partner and add to it and change it that may help too. There are several ways to do this and one is not much better than another if a dispute arises and you are forced to go to court. Sometimes just having it in writing helps to refresh your memories.
Hi Ted,
Thanks so much for sharing your experience with me. Now do we have to have the written agreement notorized by someone? or signature itself is sufficient enough.
Does anybody else out there have gone through similar experience? If you do have partnership agreement you can email them to me. I will find a way to reward you.
If you record the agreement you will need to get it notarized. There is really no need to record it unless you do not trust your partner and if you do not trust them do not be partners with them.