Are you and your spouse ⁄ partner purchasing a substantial asset together (such as a home or investment property, a vehicle, boat, etc.)? If you live in Ontario, use this ready-made Acquisition Agreement for Jointly Owned Asset to set down in writing how the property is to be paid for and disposed of if the two of you break up.
- Each partner is to pay half of the purchase price, but if a partner fails to make a payment, the other partner can make the payment and his/her interest in the property will be increased to reflect the amount of the payment.
- If the relationship breaks up and the parties are unable to come to an agreement regarding ownership of the asset, the partners agree to submit the matter to a mediator.
This Ontario Acquisition Agreement for Jointly Owned Asset is provided in MS Word format and can be easily edited to meet your needs.
ASSET ACQUISITION AGREEMENT (for Jointly Acquired Asset) THIS AGREEMENT made effective as of the _____ day of ______________, _______. BETWEEN: [NAME OF PARTNER 1] [address] (“Partner 1”) - and - [NAME OF PARTNER 2] [address] (“Partner 2”) WHEREAS, Partner 1 and Partner 2 have entered into an agreement with _________________________________________ [insert name of seller of asset] (hereinafter referred to as the “Seller”) to purchase ____________________________________ [describe the asset that is being purchased] (hereinafter referred to as the “Asset”) at a cost of __________________________ dollars ($_________________). AND WHEREAS, both Partners hereby agree to the following terms: 1. [choose one of the following options and delete the other] The payment of _______________ dollars ($__________) per ______________________ [week, month, etc.] are to be made by Partner 1 and Partner 2 to Seller on the ______________ day of each ____________________ [week, month, etc.] for ___________________ (___________) [insert number of weeks/months in both words and numerals] weeks/months. [OR] The payment of _______________ dollars ($____________) is to be made by Partner 1 and Partner 2 to Seller on the ___________ day of ___________________, ________. 2. Each Partner shall make one-half (1/2) of the payment to Seller on the date(s) that such payments are due. 3. Each Partner shall keep a record of all payments made. Such payments shall be made by cheque or money order, but not cash. 4. If either Partner fails to make a payme
Pages to are hidden for
"Ontario Acquisition Agreement for Jointly Owned Asset"Please download to view full document