JV template

Discussion in 'Innovative Property Investment Techniques' started by ellejay, 11th Sep, 2018.

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  1. ellejay

    ellejay Well-Known Member

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    Hey, does anyone have a JV template they could let me have please for onselling?

    Thanks in advance )
     
    ellejay, 11th Sep, 2018
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    what is a JV template?
     
    Terry_w, 11th Sep, 2018
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  3. ellejay

    ellejay Well-Known Member

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    Hey Terry, Joint Venture.
     
    ellejay, 11th Sep, 2018
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I know that lol. are you after some sort of contract?
     
    Terry_w, 11th Sep, 2018
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  5. ellejay

    ellejay Well-Known Member

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    Lol, yes sorry I thought it would be obvious what I meant. I'm interested in seeing if anyone has a template they use that has the common terms/scenarios covered. I'm not expecting anyone to show me a contract they've signed, but maybe they would. I'm interested in how people word all of the usual stuff, share of profits etc etc. Do you draw up the agreement first on a template and then send to your solicitor? Thanks.
     
    Last edited: 11th Sep, 2018
    ellejay, 11th Sep, 2018
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  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    They are generally very specific based on each project as the scenarios and terms would be different.
    What do you mean by onselling?
    I have done a JV but there was no standard and we had to build the agreement from scratch to cover everything.
     
    Westminster, 11th Sep, 2018
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  7. ellejay

    ellejay Well-Known Member

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    Okay, thanks that helps.
     
    ellejay, 11th Sep, 2018
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  8. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    We are running a case on one of these at the moment, that is the clients used a JV they found somewhere on the internet. If you JV is for $5k you can probably do on a hand shake, if it is for any decent amount spend it on a lawyer - the fight afterwards if you don't will cost you ten times more at least.
     
    RPI, 11th Sep, 2018
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  9. ellejay

    ellejay Well-Known Member

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    Great, okay, thanks so much. I was trying to formulate in my head what needed to go in the contract, so if we're buying properties for example. He signs an unconditional offer and I put in the money needed. The numbers would vary on each deal so how to reflect that plus I'm sure many other things. You're right though, I know my lawyer will do that anyway. Thanks again.
     
    ellejay, 11th Sep, 2018
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  10. The Y-man

    The Y-man Moderator Staff Member

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    You might be able to get some idea from the PDS of closed ended REITs like
    https://www.cromwell.com.au/__data/...966/Product-Disclosure-Statement-Oct-2013.pdf
    In this case, 2 existing building were bought, and a third one built. The plan is to sell all in 2020 (South Melb is already sold and profits split)

    The Y-man
     
    The Y-man, 11th Sep, 2018
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  11. ellejay

    ellejay Well-Known Member

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    Thanks that's really helpful. Someone on a different forum sent me a JV template, which is amazing and asks the questions I was trying to formulate in my head, e.g. what each party expects to get in return and when etc. This doc helps me work out how I can answer these questions in a contract.
     
    ellejay, 11th Sep, 2018
    #11
  12. Gozz

    Gozz Member

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    Would be able to provide the template from the other forum?
    Thanks
     
    Gozz, 17th Sep, 2018
    #12
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