How To Use
The purpose of this document is to be sure a nominee, or really a “straw” in the vernacular, remains just that. It is very much in the owner’s interest to do this document even with the best of friends who, on occasion, can become not the best of friends.
- Make multiple copies. Give one to each signatory. Keep one with the transaction file.
This Agreement was made on ________________ between ___________________________________ of ______________________________________________ (“Nominee”) and __________________________________ of ______________________________________________ (the “Owner”).
Whereas Owner is the sole beneficial owner of the land described in Exhibit 1 to this Agreement, including all buildings and other fixed improvements thereon and all interests therein and rights appurtenant thereto;
AND it has been agreed between Nominee and Owner, at the request of Owner and as a matter of convenience, that for the time being the said land will be registered in the name of Nominee and that Nominee shall hold, as nominee for Owner on the terms and subject to the conditions hereinafter set forth, the said land and all related rights and interests (including without limitation those under agreements and other documents such as mortgages, charges, easements, leases, licenses and by-laws) that Owner may from time to time assign to Nominee (such land and related rights and interest are collectively called the “Real Property”), Nominee having itself no beneficial interest in the Real Property;
NOW in consideration of these premises and the mutual covenants, conditions and agreements herein contained, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby covenant and agree as follows:
1. Nominee hereby acknowledges, declares, covenants and agrees that:
(a) Nominee will hold, as and from the date hereof, the Real Property, and all right, title and interest therein and benefit to be derived therefrom, as nominee for and on behalf of the Owner;
(b) Nominee otherwise has no legal or beneficial interest in the Real Property; and
(c) All other attributes of the beneficial ownership of the Real Property shall be and remain in Owner…