JV agreements
- Thread starter jvaultier
- Start date
- Joined
- Sep 19, 2007
- Messages
- 137
an agreement is just that. an agreement. every one can be differant if you want.
the agreement is already written, no need to reinvent the wheel, use the long version availiable on this site. (or you could drop a few thousand dollars to have another lawyer write one, that would only be AS good anyways)
Here is what I do. (I am not an expert, only a silver member at this time) I print off 3 copies of blank JV agreements...fill out everything and take them to the Lawyers office with me when me and my JV (we both generally are on mortgage and title) are signing off the papers, and my partner usually will have his bank draft with him. I simply open all three copies, sign it, pass it to my JV for his signature, pass it to the Lawyer (to witness) and the File gets one original copy, so do I and my partner. I think they add 90 bucks or something like that to the closing costs for this...of which ALL closing costs are paid for, by my JV. (he gets it back with his return of capital at end of the deal) So, I dont have a dollar into the deal anywhere...and I have very happy JV partners. Most of which ask me at one time or another..."is this 50/50 deal really fair for YOU? It seems like you are doing a lot of work..." (true story)
ps...I remove the finders fee clause and the clause for the managers fee, FYI. (I manually stroke that out and make sure my partners see that, and initial that...that is called value added, haha)
Anyways, this response has taken far too much time, I gotta get back to my own mortgage applications! hope this helped a bit!
Good Luck!
the agreement is already written, no need to reinvent the wheel, use the long version availiable on this site. (or you could drop a few thousand dollars to have another lawyer write one, that would only be AS good anyways)
Here is what I do. (I am not an expert, only a silver member at this time) I print off 3 copies of blank JV agreements...fill out everything and take them to the Lawyers office with me when me and my JV (we both generally are on mortgage and title) are signing off the papers, and my partner usually will have his bank draft with him. I simply open all three copies, sign it, pass it to my JV for his signature, pass it to the Lawyer (to witness) and the File gets one original copy, so do I and my partner. I think they add 90 bucks or something like that to the closing costs for this...of which ALL closing costs are paid for, by my JV. (he gets it back with his return of capital at end of the deal) So, I dont have a dollar into the deal anywhere...and I have very happy JV partners. Most of which ask me at one time or another..."is this 50/50 deal really fair for YOU? It seems like you are doing a lot of work..." (true story)
ps...I remove the finders fee clause and the clause for the managers fee, FYI. (I manually stroke that out and make sure my partners see that, and initial that...that is called value added, haha)
Anyways, this response has taken far too much time, I gotta get back to my own mortgage applications! hope this helped a bit!
Good Luck!
- Joined
- Sep 19, 2007
- Messages
- 137
(of course my partner would have had a blank copy for weeks by this point to have gone over with his lawyer)
I think that the JV Secrets binders and CD`s are worth their weight in gold. An absolute must-have. (read:I have made a LOT of money)
cheers!
I think that the JV Secrets binders and CD`s are worth their weight in gold. An absolute must-have. (read:I have made a LOT of money)
cheers!
QUOTE (Nukav @ Oct 18 2007, 12:39 PM) (of course my partner would have had a blank copy for weeks by this point to have gone over with his lawyer)
I think that the JV Secrets binders and CD`s are worth their weight in gold. An absolute must-have. (read:I have made a LOT of money)
cheers!
Thanks a lot, very helpful.
Jerome V.
I think that the JV Secrets binders and CD`s are worth their weight in gold. An absolute must-have. (read:I have made a LOT of money)
cheers!
Thanks a lot, very helpful.
Jerome V.
- Joined
- Aug 29, 2007
- Messages
- 33
QUOTE (Nukav @ Oct 18 2007, 12:27 PM) an agreement is just that. an agreement. every one can be differant if you want.
the agreement is already written, no need to reinvent the wheel, use the long version availiable on this site. (or you could drop a few thousand dollars to have another lawyer write one, that would only be AS good anyways)
Here is what I do. (I am not an expert, only a silver member at this time) I print off 3 copies of blank JV agreements...fill out everything and take them to the Lawyers office with me when me and my JV (we both generally are on mortgage and title) are signing off the papers, and my partner usually will have his bank draft with him. I simply open all three copies, sign it, pass it to my JV for his signature, pass it to the Lawyer (to witness) and the File gets one original copy, so do I and my partner. I think they add 90 bucks or something like that to the closing costs for this...of which ALL closing costs are paid for, by my JV. (he gets it back with his return of capital at end of the deal) So, I dont have a dollar into the deal anywhere...and I have very happy JV partners. Most of which ask me at one time or another..."is this 50/50 deal really fair for YOU? It seems like you are doing a lot of work..." (true story)
ps...I remove the finders fee clause and the clause for the managers fee, FYI. (I manually stroke that out and make sure my partners see that, and initial that...that is called value added, haha)
Anyways, this response has taken far too much time, I gotta get back to my own mortgage applications! hope this helped a bit!
Good Luck!
Hi There! I`m just embarking on my 1st JV partnership. I bought the property last Sunday & plan to met with him this Sunday so we have not yet signed any agreements. I assume you only do this AFTER you purchase a property. Then again, perhaps I`m wrong. Anyhow, I wanted to clarify that you simply use the REIN JV Agreement & make absolutely NO changes to it... I`m meetign my lawyer next week to discuss with him...
Thanks for your time!
Cin
the agreement is already written, no need to reinvent the wheel, use the long version availiable on this site. (or you could drop a few thousand dollars to have another lawyer write one, that would only be AS good anyways)
Here is what I do. (I am not an expert, only a silver member at this time) I print off 3 copies of blank JV agreements...fill out everything and take them to the Lawyers office with me when me and my JV (we both generally are on mortgage and title) are signing off the papers, and my partner usually will have his bank draft with him. I simply open all three copies, sign it, pass it to my JV for his signature, pass it to the Lawyer (to witness) and the File gets one original copy, so do I and my partner. I think they add 90 bucks or something like that to the closing costs for this...of which ALL closing costs are paid for, by my JV. (he gets it back with his return of capital at end of the deal) So, I dont have a dollar into the deal anywhere...and I have very happy JV partners. Most of which ask me at one time or another..."is this 50/50 deal really fair for YOU? It seems like you are doing a lot of work..." (true story)
ps...I remove the finders fee clause and the clause for the managers fee, FYI. (I manually stroke that out and make sure my partners see that, and initial that...that is called value added, haha)
Anyways, this response has taken far too much time, I gotta get back to my own mortgage applications! hope this helped a bit!
Good Luck!
Hi There! I`m just embarking on my 1st JV partnership. I bought the property last Sunday & plan to met with him this Sunday so we have not yet signed any agreements. I assume you only do this AFTER you purchase a property. Then again, perhaps I`m wrong. Anyhow, I wanted to clarify that you simply use the REIN JV Agreement & make absolutely NO changes to it... I`m meetign my lawyer next week to discuss with him...
Thanks for your time!
Cin
- Joined
- Aug 22, 2007
- Messages
- 2,005
QUOTE (clwenner @ Nov 2 2007, 07:00 PM) Hi There! I`m just embarking on my 1st JV partnership. I bought the property last Sunday & plan to met with him this Sunday so we have not yet signed any agreements. I assume you only do this AFTER you purchase a property. Then again, perhaps I`m wrong. Anyhow, I wanted to clarify that you simply use the REIN JV Agreement & make absolutely NO changes to it... I`m meetign my lawyer next week to discuss with him...
Thanks for your time!
Cin
Hi Cin,
The JV agreement template from REIN is just that, a template from which to work. It is designed to be discussed with your potential partner long before you buy a property as it details all of the potential situations that can arise in a partnership. After the two of you have come to an agreement on structure and operations and have made the proposed chages to the template, then you take it to your lawyer and they take it to theirs for review.
Then once the agreement is in place, you can add the specific property details (as an addendum) to the agreement.
As mentioned in the post above, professional JV`s are very detailed and the whole process does need to be walked through step-by-step. That being said, you can see (in REIN and on this Forum) many people who have done INCREDIBLY well
folowing the 700+ page Joint Venture Secrets package that REIN Members get a huge discount on (call the office for the discount details.)
Get the discussions going with your potential JV partner. Explain expectations and roles, and make this the best JV relationship you can.
Thanks for your time!
Cin
Hi Cin,
The JV agreement template from REIN is just that, a template from which to work. It is designed to be discussed with your potential partner long before you buy a property as it details all of the potential situations that can arise in a partnership. After the two of you have come to an agreement on structure and operations and have made the proposed chages to the template, then you take it to your lawyer and they take it to theirs for review.
Then once the agreement is in place, you can add the specific property details (as an addendum) to the agreement.
As mentioned in the post above, professional JV`s are very detailed and the whole process does need to be walked through step-by-step. That being said, you can see (in REIN and on this Forum) many people who have done INCREDIBLY well
folowing the 700+ page Joint Venture Secrets package that REIN Members get a huge discount on (call the office for the discount details.)
Get the discussions going with your potential JV partner. Explain expectations and roles, and make this the best JV relationship you can.