Kamis, 31 Januari 2008

Re: [CREI-Alliance] Re: seeking advise on protecting my down payment

Oh, this IS getting good... I love the performance guarantee.  A lot of great ideas coming forth.  I wouldn't use one of them in these circumstances w/o a <very good> lawyer signing in blood that he agrees with it just because marital stuff is special and per state.  However, a lot of this stuff well applies to other partnerships and is super thought.
 
Hmm.. girlfriend... performance guarantee... can't wait to see the reporting on that in Court TV...
 
[All this does make me think that maybe something a lot easier for a lawyer to handle as being normal is the pre-nup agreement.  There is plenty of legal precedence for that, right?  A judge won't free wheel around something already established...]
 
-- Joe B.
 
----- Original Message -----
Sent: Thursday, January 31, 2008 2:44 PM
Subject: [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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