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Q: Buying lake property with siblings ( No Answer,   0 Comments )
Subject: Buying lake property with siblings
Category: Family and Home > Families
Asked by: oney77-ga
List Price: $10.00
Posted: 20 Mar 2004 05:51 PST
Expires: 19 Apr 2004 06:51 PDT
Question ID: 318599
I am looking for some examples of aggrements/contracts for siblings
who are buying a lake/vacation property together

Request for Question Clarification by tutuzdad-ga on 20 Mar 2004 06:33 PST
Can you clarify what you are looking for in terms of agreements and
contracts? Any agreements and contracts entered into by siblings are
no different from those used by any other two (or more) people
entering into an agreement or contract. In other words, there are no
special provisions for siblings. When it comes to agreements and
contracts, business is business.


Clarification of Question by oney77-ga on 20 Mar 2004 11:16 PST
I understand that the agreements entered into by siblings would be no
different but I thought there may be an example of a contract or
agreement that siblings have entered into when buying lake/vacation
property.  We thought there may be some unique provisions to siblings
that we may not be considering.

Maybe the siblings request is too specific and if we back up and ask
for at the very least, examples of an agreement/contract when people
buy lake/vacation property together.

We have started to come up with basic ideas that would go into the agreement
What the capital contribution would be?
Is there a general maintenance fund that is used for upkeep ?
housekeeping, lawn service, furnishings, etc?
When and how will it be used by each contributing partner? (the
partners are 4 separate families)
An example of a buy out provision? 
Would it be Fair market value or initial capital contribution plus a
fixed rate of interest, etc?

I realize these are basic ideas that would form the agreement and
would apply to the partners whether they are siblings or not but we
thought there may be some standard provisions in agreements when
buying a lake/vacation home with partners (that may add some ideas and
insight to the document we are creating) and possibly more
specifically if that purchase that was made by siblings.

There may not be any specific provisions for siblings but we would
rather view how some people (and possibly siblings) who have handled
various issues when buying property together that we may not be
considering so we don't make the same mistake.
There is no answer at this time.

There are no comments at this time.

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