Posted by David Butler on April 06, 2006 at 15:39:32:
Hello Scot,
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.
I have a new investor friend who bought an investment propert with 2 other people. Being the trusting person that she is, the property was purchased under one of the other partners names and the whole group did not enter into any formal contract or LLC. Does anyone have a contract or document that they could fill out and each sign that would guarentee should anything happen that they indeed are all partners in on this deal???
