Agreement For Joint Purchase

Agreement for a Joint Purchase

_____________________________ (hereafter "Partner 1") and ________________________ (hereafter "Partner 2"), living together but choosing to maintain separate property and assets, do hereby agree to the following conditions of a joint purchase:

Both partners are looking to purchase a {item (high value but not a car or house)} to be used and enjoyed equally.

The Item will be purchased with the following method: {50/50 split, percentage by projected usage, percentage by income, etc.} .

The Item will be freely and equally available to both parties.

Should the partnership dissolve, the Item's owner will be decided by the following method: {right of first refusal (Partner 1), right of first refusal (Partner 2), 50/50 split, Partner 1 will keep and Partner 2 will reimburse for half of current fair market value, Partner 2 will keep and Partner 1 will reimburse for half of current fair market value, partners will sell the item and split the proceeds, etc.}

In the event that either partner dies, the other partner will become the sole and legal owner of the Item. This language has been reflected in both parties' wills, if existent.

In witness to their agreement to the terms of this contract, the parties affix their signatures below:

____________________________________
Partner 1, signature & date

____________________________________
Partner 2, signature & date

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