Nominee Agreement AGREEMENT made _________________, 20______, between ______ (Nominee’s Name)____________, a ______________________ Corporation with its principal offices at ("Nominee’s Address") , and
_______(Owner’s Name)_______, residing at ______________(Owner’s Address)_____________________.
PREAMBLE
Under a contract dated___________, 20_______, and being executed and delivered contemporaneously herewith, a copy of which is annexed hereto as an exhibit (the "Contract"), Nominee is agreeing to purchase that property described as:
It is agreed as follows:
A. In executing and delivering the Contract and in purchasing the Property, Nominee is acting solely as the agent and nominee of Owner.
B. At the closing described in the Contract, Nominee will pay the entire consideration described in the Contract and Owner will take title to the Property as agent and nominee for Owner, who, as the real party in interest, will be the sole beneficial owner of the Property.
C. Upon the written request of Owner, at any time, Nominee shall immediately convey the Property to Owner, or to Owner's designee, without consideration. Immediately after such conveyance, this Agreement shall terminate.
D. Nominee acknowledges that it has no right or authority to act with respect to the Property and agrees that it will take no action with respect to the Property, except upon the written instructions of Owner, all of which instructions it shall promptly carry out. Any funds that Nominee receives on account of the Property shall be promptly turned over to Owner.
E. Nominee acknowledges that Owner is, and during the entire existence of this agreement shall remain, the true and actual owner of the Property.
F. Nominee's sole function during the existence of this agreement shall be to hold nominal legal title to the Property for the benefit of Owner under and subject to the Owner's written directions and instructions. However, it is anticipated that the lenders referred to above or other persons may require that they be furnished with various legal documents executed by the Nominee as such holder of legal title to the Property. In such event, Owner shall prepare such documents and Nominee shall execute the same in accordance with Owner's directions. Nominee shall have no discretionary authority to exercise any control over the Property or to execute any written instruments in any way relating to the Property, except as previously set forth, it being expressly understood that Nominee has no real interest in or duties or responsibilities in respect to the Property, except to perform ministerial tasks at the written direction and instruction of Owner. Nominee shall immediately forward to Owner all correspondence or other written materials relating to the Property that Nominee receives.
G. For its services as agent and nominee under this Agreement, Owner shall pay Nominee the sum of $100 contemporaneously with the execution of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date set forth above.
Nominee:
*NOMINEE NAME
BY: ____________________
President
Attest: ____________________
Owner:
________________________
*OWNERNAME This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
