Whenever you would like to share ownership and use of a car
with more than one other party for leisure or business use.
Perhaps you race the car in your spare time, or perhaps you
have a hire business for weddings, or perhaps another
arrangement. Whatever your purpose, this agreement will suit.
About this document
This agreement covers any situation where three or more parties share the ownership and use of any kind of car. This is also known as car fractional ownership or an informal car club. First, you should consider the most suitable structure for your sharing relationship. If you are looking at an arrangement for more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Then ownership of the property itself never changes. No stamp duty is paid once it is bought as the right of occupation can be treated as a licence.
We sell two version of this document. This document has been drawn for more than two parties. Use the other version if there are only two parties (that is, two couples, two families, two individuals or so on).
How the law sees it: Even if ownership of your car is registered in a company, those company documents will not record the shares in which the car 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. These Net Lawman agreements specifically record the shares. They also record shares which may be owned by someone who is not a registered owner. This is called a beneficial interest or fractional ownership.
Application and features
Suitable for any type of car – vintage, racing or day to day;
Includes sensible, practical provisions;
Written in plain English with explanatory notes.
Terms of beneficial interest - beneficial trusts provision;
Price and payment for the car;
How many people allowed in the car at one time and who they may be;
Who and how will manage payment of expenses;
Purchase of accessories for the car – how they are purchased, whom they belong to;
Management of the car, including operating costs;
Management structure, ordered by annual meetings of the owners, possibility of proxy voting, and more;
Undertakings by the parties;
Alternative exit strategies; including allowing for a share to be sold to a third party, after offering it to all other owners;
Timetable in the form of a schedule to allow you to arrange who will have the car when;
Effect of termination;
Alternative exit strategies;
Other legal provisions to protect your interests.
Reasons to buy from Net Lawman
Full money back guarantee – buy with confidence
Our Car share agreement - three or more owners comes with a no questions asked full money back guarantee. You take no risk that it might not be right. Once you buy it, we’ll give you 30 days to evaluate it in any way you want. If for any reason you’re not happy, just e-mail us and we’ll refund your money in full immediately.
Guidance notes included - prior legal knowledge is not required
Comprehensive guidance notes, written by the author of the document, are included. These notes ensure that you don’t need to be a lawyer or have knowledge of the law to understand which paragraphs you should edit to complete the agreement.
Minimal editing required
Like all Net Lawman documents, this agreement has been written specifically in such a way that you don’t need to spend hours editing it. It uses an approach where you remove the sections that aren’t applicable to you, so you don’t have to add any back, write your own, or worry about whether you are using correct legal language.
Paragraphs have been written to stand alone from each other. Removing one that isn’t applicable to your circumstances doesn’t affect the standing of any other in the agreement.
Plain language minimises future disagreements
Your agreement is real law written in plain language that all parties will understand. This will minimise the likelihood of later disputes.
If a dispute does arise and you find yourself in court, the judge will look more favourably on a legal agreement written in plain language over one peppered with complicated legal jargon. Your case will be stronger if it is clear that both sides understood the agreement when it was signed.
Buy once – re-use again and again
You can use the document as many times as you like – just create a new copy from the master template.
Delivered straight to your inbox
As soon as you complete the secure checkout process, we will send your document straight to your inbox. We will also keep a copy for you for 60 days in our customer area so you can access it even when you are away from your e-mail.
Still unsure whether this is the right document for you?
If you are unsure whether this agreement is suitable for your particular circumstances, then you have two options. The first is to buy now, evaluate the document, and use the 30 day, full money back guarantee to obtain a refund if it isn’t suitable. You take no risk in seeing the agreement. The second option is to contact us and ask. We can’t offer you legal advice on your situation, but we can help you find the document you want. We aim to respond to your question within 24 hours.
This document is drawn and maintained by Net Lawman. It is real law in plain English.