----- Original Message -----From: Patrick M. CripeSent: Thursday, January 31, 2008 2:44 PMSubject: [CREI-Alliance] Re: seeking advise on protecting my down payment
All of this sounds like that what is needed is a "Joint Venture Agreement" that spells out what each party is involved in (a performance guarantee). Within the JVA it would be stipulated that the 50k get repaid first before any dispurment of funds, or out of the proceeds from ANY sale, the 50k is paid first (perhaps with interest or a percentage of the overall ownerships cut).
Irregardless if she is a gilrfriend or not...WELL, as long as palimony laws are not in effect, this is no different than any other deal. CREATE a "Joint Venture Agreement" spelling out your concerns, create a 2nd mortgage and record it. Remember to have a performance guarantee in there. All too many times I see people making this mistake and 1 person does ALL the work yet both profit equally. A performance guarantee properly written will explain the duties of each joint venturer in order to lay claim to their percentage. Should they fail in their duty, there is a penalty clause for inaction against the joint venturer who failed in their duties. Usually, they lose a percentages of the ownership, profits, back-end sales, or sometimes, the JVA is disolved.
Discuss what is needed for each of you to perform and put it in writing.
Patrick M. Cripe
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