This document to be utilised in acquiring property in a joint venture situation where the parties intend living together in the property.
Sample
"A. ?a1? and ?a3? are tenants in common of a property known as ?a5? in the State of Victoria and being the whole of the land more particularly described in Certificate of Title ?a6? ("the home")
B. The parties agree that the home is valued at approximately ?a7? .
C. The home is encumbered by a First Mortgage to ?a8? ("the mortgage").
D. ?4? is the Mortgagor of the mortgage and ?a2? has guaranteed her performance under the mortgage.
E. It is the desire of the parties that this Agreement must be at an end once and for all of the claims of each against the other in relation to maintenance or any alteration of property interests.
F. The parties have each received the advice of their respective legal advisors as to the effect of this Agreement and each understands and appreciates the same will operate in complete bar and discharge of any further application by either of them........
4. During the course of this Agreement ?a2? and ?a4? must each pay one half of all:-
4.1 Rates and taxes (if any) and all other outgoings in respect of the home and maintain the home in good order and condition.
4.2 Premiums to insure the home to an amount equivalent to the current market value of the home at the time of effecting or renewing such insurance.
4.3 Mortgage payments and commitments.
5. ?a2? warrants and undertakes to indemnify ?a4? from 50% of all matters set out in clause 2 hereof.
6. The following provisions apply should it become necessary to sell the home:-
6.1 That the parties do all acts and things and sign all documents necessary so as to effect a sale of the home for the best price reasonably obtainable in the following manner:
6.1.1 List the home for sale by private treaty within twenty-one (21) days from the date of these orders with such agent as the parties may agree to appoint and in default of Agreement as to agent within fourteen (14) days to any such agent as the President of the Real Estate Institute of Victoria must appoint (the `agent') the costs of and incidental to such appointment to be borne equally by the parties as and when same fall due.
6.1.2 The sale price at which the home must be listed must be as may be mutually agreed upon by the parties or, in the absence of Agreement reached within fourteen (14) days of the date of these Orders must be the price nominated as the fair market value by a valuer appointed by the President for the time being of the Victoria Division of Australian Institute of Valuers and Land Administrators (Incorporated) (the `valuer') the costs of and incidental to such appointment and valuation to be borne equally by the parties as and when same fall due.
6.1.3 The parties must each co-operate in every way with the agent including (without limiting the generality of the foregoing):- "
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Property acquisition coinvestment agreement - JOINVENT 5
