Form 115, Co-ownership Building Resale Agreement

Understanding Form 115: Take the Hassle Out of Co-Ownership Building Resale Agreements

Form 115, the Co-ownership Building Resale Agreement, is an integral document for managing joint property purchases or sales. The legality and complicity of shared ownership make this form a significant tool to delineate the terms and conditions of co-ownership during resale.

OREA Form 115: An essential tool for co-owners

Traditionally, buying or selling property can be a daunting task, especially when it involves multiple owners. The Form 115 from OREA is instrumental in ensuring all parties involved are on the same page, preventing future disputes. It acts as a legally binding agreement between parties, detailing the terms such as price, payment schedule, property description, responsibilities of each co-owner and more. This OREA document protects the rights of individuals and ensures fair handling during the resale process.

How to Fill Out Form 115

Here's a detailed guide on how to fill out the form 115 template:

1. Begin by entering the date of the agreement in the space provided at the beginning of the document. This should be the current date on which you are filling out the agreement.
2. Identify all parties involved in the co-ownership agreement. Provide the full names and addresses of each co-owner where specified in the initial section of the form.
3. In the section labeled "Ownership Interests," specify the percentage of ownership each co-owner will hold. Ensure that the total adds up to 100%.
4. If applicable, enter the stable name under which the Colt (the subject of the co-ownership) will race. This can be an existing name or a new one agreed upon by the co-owners.
5. Appoint an Administrative Manager and include their name in the designated section. This person will be responsible for managing the day-to-day administrative duties as outlined in the agreement.
6. Designate a trainer for the Colt and provide their name in the form. The trainer will have authority over the boarding, training, and racing of the Colt, as specified in the agreement.
7. Detail the financial arrangements regarding purses and awards. State how income from these sources will be distributed after expenses are deducted.
8. Describe how expenses will be shared among the co-owners. Include details about how invoices will be issued and the timeframe for payment by the co-owners.
9. Decide on the arrangement for trophies and other non-monetary awards. This section should specify how these items will be distributed or shared among the co-owners.
10. Choose racing colors for the stable if applicable, and describe how these were chosen or by whom in the designated section.
11. Clarify the voting rights and decision-making processes. This part should outline how votes are counted according to ownership percentages and the minimum required for decisions.
12. Include terms for the transfer of ownership interest. Specify any conditions under which a co-owner can sell or transfer their part of the ownership.
13. If relevant, add details about breeding rights or decisions, particularly if the agreement involves a filly or mare. State how decisions regarding breeding will be made and who will manage such arrangements.
14. Provide a method for delivering notices among the co-owners. Specify the type of notices, how they should be sent, and any details on address changes that need to be communicated.
15. Endorse the Jockey Club Certificate in the name of the stable or as otherwise directed by the co-owners.
16. Review all entries for accuracy and completeness before finalizing the document. Ensure that each co-owner signs the agreement in the designated signature blocks at the end of the form. You may use a send-to-sign feature to get another party's signature.

Advantages of using PDFliner for co-ownership building resale agreements

Using PDFliner to complete your Form 115 comes with many benefits. Foremost, the whole process is online which saves you from the hassle of manually filling it out and potentially make errors. Also, you can access the website anytime and from any device without requiring additional software. Therefore, you can find a large library of OREA templates. Plus, PDFliner also has a built-in AI assistant, who can help you if you have any questions.