For example, there was a situation where a client started as a minority co-owner, but through a series of instalment payments to the other owner, they became the majority co-owner. The contract gave the other owner the right to make all decisions, including the sale of the horse, which made sense at the beginning, but not at the end when the client became the majority owner. This was certainly an unfair situation that had not been thought of until now, and the situation became controversial when the client wanted to go out. In the end, the car caught fire one day, when the engine could not be turned off due to a neglected electrical problem. Our co-ownership of the car literally caught fire. Another problem to consider is that if one of the co-owners is not a rider, can that co-owner allow a friend or family member to ride the horse? I certainly didn`t expect to share the car with my roommate`s friend. People often think that because it`s a co-ownership with a coach they trust, these questions will resolve themselves when they arise. Ideally, it is wiser to discuss this now to ensure that both potential co-owners are aware of their rights and obligations from the outset and to document them in a relatively detailed contract. Leone Equestrian Law is available to provide legal documents and contracts for horses, including condominium agreements. Email [email protected] to ask for help with such documents or to get additional questions about them, including handling deadlock situations when it comes to condominiums, and more details on creating an LLC. If you decide not to consult a lawyer before entering into a condominium partnership, make sure there is a clear co-ownership agreement specifying who is responsible for what and how, in the event of a disagreement, that disagreement will be resolved. As in any business agreement, an informal agreement can lead to many problems afterwards. The purpose of this horse sharing agreement is to define not only a registration of the property, but also of the agreed responsibility: management, maintenance and competitions.
In doing so, supporters will discover that they are not just a source of funding. All co-ownership agreements will be different, but they should all start with an open discussion between the co-owners in order to elaborate as many details as possible. Addressing the issues raised in this article is a good start. If you take these steps at first, you can prevent your investment from igniting. The common ownership of a sport horse has advantages for both the rider and the supporter. There may be a financial or motivating incentive for a driver to provide services and may reduce maintenance costs and the responsibility of the supporter. If you are involved in a horse battle over a condominium contract, it is important to get advice right away. Some terms of the agreement that you should have in the contract are as follows: Lawyers can be helpful because they can provide clarification and advice on condominium agreements, and they are also trained to identify potential problems that the parties see coming or not see coming.
While a lawyer is often seen as an additional expense, you may consider the fees comparable to checking a horse. A veterinarian examines a horse before buying it to make sure the horse is healthy, has no hidden defects, and can serve the purpose for which the customer is buying it….