Advice needed - buying a ski cabin with partners

Advice needed - buying a ski cabin with partners

Post by Mel Man » Fri, 21 Apr 2000 04:00:00


Already bought the land - an acre near our local ski hill in June we'll
start the cabin.  I'm buying it with two couples as partners and we're
now writing a partnership agreement.I know we should have made the
agreement before purchasing the land but it was a hurry up deal.   A
lawyer will write the actual agreement but I'd like some insight into
what should be in there. Any suggestions on what to put in the
partnership agreement from your experience would be appreciated.

Mel

 
 
 

Advice needed - buying a ski cabin with partners

Post by Hollywood Horvat » Fri, 21 Apr 2000 04:00:00

Quote:

>Already bought the land - an acre near our local ski hill in June we'll
>start the cabin.  I'm buying it with two couples as partners and we're
>now writing a partnership agreement.I know we should have made the
>agreement before purchasing the land but it was a hurry up deal.   A
>lawyer will write the actual agreement but I'd like some insight into
>what should be in there. Any suggestions on what to put in the
>partnership agreement from your experience would be appreciated.

"All liquor must be replaced by the party which consumed it, before
leaving the cabin for the season,"

--
                                Horvath

        I was surfing the net when Yahoo was only a hillbilly cheer.



 
 
 

Advice needed - buying a ski cabin with partners

Post by Bob.Pet.. » Sat, 22 Apr 2000 04:00:00


Quote:

> Already bought the land - an acre near our local ski hill in June
we'll
> start the cabin.  I'm buying it with two couples as partners and we're
> now writing a partnership agreement.I know we should have made the
> agreement before purchasing the land but it was a hurry up deal.   A
> lawyer will write the actual agreement but I'd like some insight into
> what should be in there. Any suggestions on what to put in the
> partnership agreement from your experience would be appreciated.

Mel:

Below are a few things you need to consider.  Everything really should
be down on paper and signed by all parties because of the unfortunate
reality of things like death, divorce, bankruptcy, etc.

1.  Form of ownership (is it a corporation, a partnership, a trust,
etc.)

2.  Shares (is each party sharing ownership equally)

3.  Group expenses (obvious things like taxes, insurance, maintenance,
remodling, repairs, etc. as well as extraordinary )

4.  Use schedules (how often do each of you get to use it)

5.  Policy on renting it (if you choose to rent it, to whom under what
circumstances and how is the money accounted for)

6.  Policy on lending it (this potentially is a bigger problem than
almost anything - if one of the couples loans the cabin to their
uncle's brother's partner's son and the place gets trashed, it can
cause all kinds of bad feelings among the owners)

7.  Exit strategy (you need to spell out how someone exits the
ownership arrangement - can they sell their interest without input from
the other partners, do the other partners have some sort of first right
of refusal, do you hire an appraiser to establish the value, etc.)

Things will go much more smoothly down the road if you set these (and
more) ground rules up front.

Good luck,

Bob

Sent via Deja.com http://www.deja.com/
Before you buy.

 
 
 

Advice needed - buying a ski cabin with partners

Post by Hollywood Horvat » Sat, 22 Apr 2000 04:00:00

Quote:

>Never done anything like that, but here's a suggestion anyway:  Figure out
>the worst that can happen (you each wake up one morning wishing the other
>five were rotting in hell and desperately needing to get out of the deal
>without getting shafted) and plan accordingly.

Worst thing that could happen is waking up and finding out that you're out
of booze, and the liquor stores don't open for three hours.

Oh! The Horror!  Oh The Humanity!

--
                                Horvath

        I was surfing the net when Yahoo was only a hillbilly cheer.


 
 
 

Advice needed - buying a ski cabin with partners

Post by Pops » Sun, 23 Apr 2000 04:00:00

. Any suggestions on what to put in the

Quote:
> partnership agreement from your experience would be appreciated.

> Mel

Mel,
Why would you ask for legal advise from this group? Is it because some
"members" have had experience dealing with the law?
Who's cutting the bait?
Pops
 
 
 

Advice needed - buying a ski cabin with partners

Post by Mel Man » Mon, 24 Apr 2000 04:00:00

Quote:


> . Any suggestions <snip>from your experience would be appreciated.

> Mel,
> Why would you ask for legal advise from this group? Is it because some
> "members" have had experience dealing with the law?
> Who's cutting the bait?
> Pops

In my own defense, please note that I was asking for experiences not
legal advice - which on the net, and especially, in this group is like
asking for advice on handling flamable matierials in
rec.psyychotics.pyromania.selfimmolation

In the group's defense I got several helpful responses, including the
kind of scare the s**t out of you cautionary tales that, as an optimist,
I knew I needed to hear. On the downside, the some of best resonses came
as email which suggests to me that there are a lot of people out there
who aren't willing to expose themselves to the kind of abuse that people
get here (and I'm not talking about just the bertaloobob crap).  People
often get flamed for entertainment purposes and without regard to
content or merit.

Thanks and go skiing - it ain't over till it's over,
Mel