Free Ownership Agreement for Car Template
Ownership Agreement for Car
. Parties Involved
This agreement is made on January 15, 2050, by and between the following parties:
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Sophie Fadel, hereinafter referred to as "Owner."
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Address: Tacoma, WA 98401
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Email: sophie@you.mail
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Adrienne Daniel , hereinafter referred to as "Co-Owner."
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Address: Mobile, AL 36601
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Email: adrienne@you.mail
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II. Vehicle Details
The car involved in this agreement is described as follows:
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Make: Toyota
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Model: Camry
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Year: 2023
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VIN: 1234567890ABCDEF
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Color: Silver
III. Ownership Structure
This agreement establishes that Sophie Fadel is the primary owner and Adrienne Daniel, hereinafter referred to as "Co-Owner."
Address: is the co-owner of the vehicle, with the following terms:
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Ownership Percentage:
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Sophie Fadel owns 70% of the vehicle.
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Adrienne Daniel owns 30% of the vehicle.
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Primary Owner’s Responsibilities:
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Ensuring timely payment of the car loan, if applicable.
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Handling registration and insurance for the vehicle.
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Co-Owner’s Responsibilities:
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Contributing 30% of monthly payments, maintenance costs, and repairs.
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Sharing the use of the vehicle in accordance with the terms outlined below.
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IV. Payment and Financial Contributions
The parties agree on the following payment structure:
|
Description |
Amount |
Frequency |
Payment Method |
Due Date |
|---|---|---|---|---|
|
Monthly Loan Payment |
$400.00 |
Monthly |
Bank Transfer |
1st of each month |
|
Monthly Insurance Payment |
$100.00 |
Monthly |
Credit Card |
5th of each month |
|
Maintenance/ Repairs Fund |
$50.00 |
Monthly |
Joint Bank Account |
10th of each month |
Total Monthly Payment: $550.00
V. Vehicle Use and Maintenance
The car is for joint use. Both parties agree to the following terms regarding usage and maintenance:
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Usage:
The car can be used by either party, but both owners must provide prior notification if the car will be used for longer than 48 hours. The primary owner has the final decision in the event of a dispute. -
Maintenance and Repairs:
Routine maintenance, such as oil changes and tire rotations, will be shared equally. Major repairs and modifications will be discussed, and both parties will approve the cost before proceeding. -
Insurance:
The car will be insured under a comprehensive policy with coverage for both owners. The primary owner is responsible for purchasing the insurance, but both parties will equally share the cost.
VI. Transfer of Ownership or Sale
In the event of the sale or transfer of ownership, the following terms apply:
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Right of First Refusal:
If either party wishes to sell their share, the other party has the right of first refusal to purchase the share at fair market value. -
Selling the Car:
If both parties agree to sell the vehicle, the proceeds from the sale will be divided according to the ownership percentages (70% to Sophie Fadel and 30% to Adrienne Daniel). -
Ownership Transfer:
If either party wishes to transfer their ownership share to another individual, they must notify the other party at least 30 days in advance.
VII. Dispute Resolution
In the event of a dispute arising from this agreement, the following steps will be taken:
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Mediation:
Both parties will attempt to resolve the dispute through mediation before resorting to legal action. -
Legal Action:
If mediation does not resolve the dispute, either party may seek legal action in accordance with the laws of the state of Illinois.
VIII. General Terms and Conditions
This agreement constitutes the entire understanding between the parties. Any modifications or amendments must be made in writing and signed by both parties. The parties acknowledge that they have read and understood the terms of this agreement and agree to abide by them.
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Date of Agreement: January 15, 2050
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Prepared by: [YOUR NAME]
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Email: [YOUR EMAIL]
By signing below, both parties acknowledge and accept the terms and conditions outlined in this agreement.
Signature of Owner
Date: January 15, 2050
Signature of Co-Owner
Date: January 15, 2050
