- Length:12 pages (4095 words)
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About this document
This is a comprehensive document that deals with the terms of ownership, by three or more parties of a touring caravan. The parties may be couples, relatives, friends or unknown to each other. By ‘touring caravan’, we mean a towing vehicle, with no engine but that is a self contained accommodation unit.
We have separate documents for static caravans (that is, the self contained, permanently situated accommodation units often found within larger caravan sites) and motor homes (the all-in-one vehicle accommodation unit).
The document deals extensively with issues like ownership rights of the parties which may be in equal or unequal proportion. It also includes a time table and notes on the manner of sharing the use of the touring caravan and the responsibilities of each party in maintenance and upkeep of the caravan. Essential with this asset is that it is towed correctly. We have ensured that is dealt with too. Additionally, there are paragraphs on various exit strategies.
This document is different from the document for ownership by two parties. It provides for exclusive terms to ensure minimum disruption to each party if the others want to sell their share. It also provides for proper management even where the parties cannot decide by mutual agreement.
Note on legal ownership:
Even if ownership of your touring caravan is registered with some organisation, the particulars will not record the shares in which the touring caravan is held. So if you own 60% and I own 40% we have to record that in some other document. If we do not do so, “the Law” will assume we own in the shares in which we contributed to the purchase price. This may or may not be the same thing. These Net Lawman agreements specifically record the shares. They also record shares which may be owned by someone who is not a registered owner. Such an interest is called a beneficial interest.
Application and features
- Comprehensive fractional ownership document for a touring caravan;
- Sensible and practical provisions for shared ownership;
- Written in plain English;
- Explanatory notes to guide you.
- Summary of agreement;
- Terms of beneficial interest: how will the caravan be owned?;
- Relationship of owners;
- Price and payment for the touring caravan;
- Management and common fund: finances control;
- Use of touring caravan: personal and or business use;
- Personal possessions: storage location and use;
- Undertakings by the owners;
- Warranties and indemnities;
- Long stop termination date;
- Termination and assignment;
- Other legal paragraphs;
- Schedule 1: Details of the touring caravan;
- Schedule 2: The Timetable: plan of who gets the caravan when;
- Schedule 3: Operating Costs;
- Schedule 4: The Inventory.
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