Free Joint Vehicle Ownership Agreement Template
JOINT VEHICLE OWNERSHIP AGREEMENT
This Joint Vehicle Ownership Agreement ("Agreement") is made and entered into as of June 5, 2055, by and between:
[Your Name] ("Owner 1")
-and-
Alfonso Jewel ("Owner 2")
(collectively referred to as "Owners").
I. Vehicle Details
The vehicle subject to this Agreement is described as follows:
|
Make |
Model |
Year |
VIN |
License Plate Number |
|---|---|---|---|---|
|
Toyota |
Camry |
2022 |
4T1BF1FK8LU012345 |
XYZ1234 |
II. Ownership Share
Both Owners agree to hold an equal share in the ownership of the vehicle. Each party owns 50% of the vehicle.
III. Rights and Responsibilities
Each Owner is entitled to use the vehicle, but both Owners must agree to major decisions, such as selling or transferring ownership. The Owners also agree to share responsibility for the vehicle's maintenance, insurance, and any associated costs on a 50/50 basis, unless otherwise agreed upon in writing.
IV. Payment for Vehicle
The total purchase price of the vehicle is $30,000, and the payment has been made in the following manner:
|
Owner |
Contribution |
|---|---|
|
[Your Name] |
$15,000 |
|
Alfonso Jewel |
$15,000 |
V. Decision-Making
Any decision involving the sale, transfer, or major repairs of the vehicle must be mutually agreed upon by both Owners. If either party wishes to sell or transfer ownership of their share, the other party has the first right of refusal to purchase the selling party’s share at fair market value.
VI. Use of Vehicle
Both Owners have equal rights to use the vehicle for personal or business purposes. The vehicle will be parked at [Your Name]'s residence in Huntsville, AL 35801, and Alfonso Jewel will have access to it as needed.
VII. Insurance and Maintenance
Both Owners agree to jointly maintain comprehensive insurance coverage on the vehicle, with both Owners listed as covered parties. The annual insurance premium is $1,200, and both Owners will contribute equally to this cost. Regular maintenance will be handled at Auto Repair, with each Owner responsible for 50% of the costs.
VIII. Termination of Ownership
This Agreement may be terminated if both Owners agree to sell the vehicle, or if one Owner wishes to transfer their share to the other. The selling Owner will offer their share at fair market value, currently estimated at $30,000.
IX. Governing Law
This Agreement shall be governed by the laws of the state of California, and any legal disputes arising out of or related to this Agreement shall be resolved in the appropriate courts in Cityville, California.
X. Signatures
By signing below, both parties agree to the terms outlined in this Agreement.
Signatures
By signing this Agreement, both parties agree to the terms outlined above.
|
Owner 1's Details |
Owner 2's Details |
|---|---|
|
|
|
[Your Name]