PEI Asset Acquisition Agreement for Jointly Owned Asset

Are you and your spouse ⁄ partner purchasing a substantial asset together (such as a home or investment property, a vehicle, boat, etc.)? If you live in Prince Edward Island, use this ready-made Asset Acquisition Agreement for Jointly Owned Asset to set down in writing how the property is to be paid for and disposed of if the two of you break up.

Each partner is to pay half of the purchase price, but if a partner fails to make a payment, the other partner can make the payment and his/her interest in the property will be increased to reflect the amount of the payment.
If the relationship breaks up and the parties are unable to come to an agreement regarding ownership of the asset, the partners agree to submit the matter to a mediator.

This Prince Edward Island Asset Acquisition Agreement for Jointly Owned Asset is provided in MS Word format and can be easily edited to meet your needs.