Unitholders agreement to purchase and develop property

This is a very comprehensive and substantial document designed to cater for as many issues as can be contemplated in buying and developing property by a number of people/entities.

Question: when would I require this document?

Answer: as an alternative to developing a property in a joint-venture, partnership or through a company, purchasers may decide to band together in a unit trust and as unitholders acquire the property. This document allows the unit trust to be managed by a trustee company and each unitholder will participate in the trustee company.

Question: in what proportions are the shares/units held ?

Answer: ultimately the units and shares are held in the same proportions. These reflect the way the expenses and the profit will be shared between the unitholders.