New Brunswick Acquisition Agreement for Jointly Owned Asset

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					                           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 payment on 
				
DOCUMENT INFO
Description: 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 New Brunswick, 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 New Brunswick Acquisition Agreement for Jointly Owned Asset is provided in MS Word format and can be easily edited to meet your needs.
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