QUESTION

Not sure if Businees law is correct. Anyway, I have property A ... I offer a JV to a wealthy person to buy next door property B ... Do I do a lein ?

Asked on Jul 18th, 2012 on Business Law - Wyoming
More details to this question:
I own rural property A .. I offered a JV business with a wealthy to purchase next door property B .. and buy cattle and I will work property A & B for profit income only, '' no salary'' for 3 years in return that wealthy person pays for a resort to be built on my land ( property A ) also, the wealthy person gets 75% of total profit from both properties combined & I get 25% for the 3 years. Valuation of property A : $215k, property B : $500k, resort to build : $150k . The wealthy has ask how can there be a trust in this. My Question : I need to convince the wealthy that I am serious and there will be trust instilled in this JV... do I have a solicitor / lawyer draft up a letter to indicate that the 3 year contract is based on my performance, profit or hard work ? do I have a ''lein'' draft written that places my title deed as part of the performance ? do I have an '' Escrow '' draft that puts my title deed as security for the 3 years. ? I feel I need something but I am concerned .. thanks
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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These kinds of arrangements are relatively simple for experienced attorneys to draft. The key here is having appropriate protections for the "money partner" so that he can withdraw the property from the joint venture if you fail to perform. See an attorney.
Answered on Jul 18th, 2012 at 11:23 AM

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