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Old 06-23-2015, 07:32 AM   #57
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Originally Posted by bamaboy473 View Post
That is covered in co-ownership agreements that are well-thought-out.

In ours, it was all about paying when we're supposed to pay, to pay penalty if late, to have X number of days to correct a default, and finally, to give up ownership interest at a fire-sale price if we elect to.

Quit-claim documents signed by each partner at the onset allows things to proceed pretty easily if it comes to that.
Thank you,
Can you send me the sections on late penalty and the quit - claim documents of your agreement? This maybe useful to be added to ours.

My email address is: aptao55@gmail.com

Thanks again.

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Old 06-28-2015, 10:11 AM   #58
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Originally Posted by gomango View Post
Thank you,
Can you send me the sections on late penalty and the quit - claim documents of your agreement? This maybe useful to be added to ours.

My email address is: aptao55@gmail.com

Thanks again.

Wish I could help you. The last partnership we did was on a boat about 10 years ago and since then, a new computer that didn't retain a lot of documents that I thought I'd never use again.
FWIW, make up what you think you want to say, then pass it by your attorney for his/her blessing. The fewer words the better, and all in English, not lawyer-speak.

As I recall, a late penalty was due when a due payment was late by a certain number of days. Past-due plus penalty had X number of days to correct the defect; after which the late payer was put on a 30-day notice to either pay the amount (plus another late fee = to the cost of the attorney that drafted the Demand note) or risk default and forfeiture of his interest.

Quit Claim deeds were signed at the inception and kept by the attorney. They were supposed to make transfer of ownership title smooth with DMV.

It was simple business; nothing personal about money. That said, this little concept might be what gets so many partnerships sideways in the first place. It can't be personal where money is concerned.

Rick and Sandy
2003 American Eagle, 46K miles
...from Sept 2015
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Old 07-06-2015, 08:05 PM   #59
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Generally, very bad idea.
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Old 07-06-2015, 09:35 PM   #60
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I know a man who once bought a used class A MH with 4 other men. Thinks went well for about 3 years. Then, when the MH needed new tires and other major expenses, some of the men wanted to buy the cheapest tires available, while the others wanted to buy Michelins, same strategy for the other major expenses.
The partnership fell apart, and none of them are now friends.
2000 Winnebago Ultimate Freedom USQ40JD, ISC 8.3 Cummins 350, Spartan MM Chassis. USA 1SG, retired;PPA,Good Sam Life member."We the people are the rightful masters of both the Congress and the Courts - not to overthrow the Constitution but to overthrow men who pervert theConstitution. "Abraham Lincoln"
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Old 07-06-2015, 10:13 PM   #61
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Originally Posted by Ray,IN View Post
The partnership fell apart, and none of them are now friends.
Yep, best way to ruin friendships is over money!

2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
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