A Sample Owner Operator Agreement (SOA) is a template agreement created for the common owners of a property. The purpose of the template is to guide common owners as they develop their versions of SOA’s that work for them and fit their specific needs. In most cases, the sample template for the Owner-Operator Agreement comes in the form of a web page or excel sheet where common owners can add their information and indicate that it is for the benefit of the sale.
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When a home buyer sees an agreement like this and decides to purchase the property, then it is helpful to the seller and the buyers that the Seller or Owner is included in the agreement. By including these two parties in the agreement, the parties agree that they will have to give due diligence before taking ownership of the property.
Owners should always include their contact information with the agreement. If they do not include their contact information, the parties may end up in litigation. This could be avoided by providing all of the necessary information regarding the Owners before the contract is signed.
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Also, make sure that the proper physical addresses of the Owners are provided on the document. For example, the postal address should be the same as the city or county, even if the property is located outside of the United States.
Owners can also provide a few things to the other party that they will need for the transaction. For example, if the Seller wants to relocate after the transaction is complete, the Owner can provide a replacement address for the Seller to use during his/her relocation. However, if the Owner is relocating for business reasons, the Seller can provide his or her new physical address.
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Finally, the Seller should include in the agreement that both parties will be responsible for any maintenance charges and any fees that must be paid to the owner. This ensures that the Seller has some sort of recourse when maintenance fees are not paid. The Seller and the Owner can also agree to a written list of all of the obligations that must be met to close the transaction.
These business documents are useful to both parties because they provide them with the flexibility to include different sections to match the particular situation. For example, a couple may wish to create a combined agreement to apply for financing for the property. An Owner Operator Agreement can be created to help make this easier.
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