Posted by David Butler on April 06, 2006 at 15:39:32:
Obvious lack of preparation and safeguards up front indicates this is likely a first time venture by inexperienced people. In that case, handing out such a “form” in a vacuum would be very much like giving a toddler a loaded gun to play with.
So… absolute best advice in my view is to suggest that you or your “friend” spend the relatively little amount it will cost to get with an experienced real estate attorney and have him/her get things fixed up.
And Many Happy Returns!
David P. Butler