Sarah is ready to buy her first apartment and asks for a mortgage. Her parents help her by providing the necessary money to the surety on the agreement that she will repay if she sells the property in the future. Sarah will be the registered owner of the property, but by entering into a minute of agreement, her parents` contribution can be recognized and protected in the future. The main advantages of using the one-minute agreement are the protection and security it offers. If your relationship with other owners collapses, all parties involved will want to know that their financial contributions are protected. One minute of the agreement offers this security and ensures that all parties are treated fairly if the property is sold. If a party does not comply with the agreement, the registered agreement can be used to enforce its terms. If you are considering divorcing in Scotland or terminating your life partnership, but have not yet filed the documents, you can have a separation agreement drawn up. This will determine who will pay the rent or mortgage and the bills until you decide to proceed with your divorce or resolution. There are many situations where it makes more sense to create a minute of agreement, as it can provide more in-depth reflection on who owns what share of the property belongs to. If two or more people register in Scotland`s National Register as owners of a property, we see that they own an equal share. However, in many situations, this will not be the case.
If you have already agreed on what you want to include in your separation agreement, you should ask your own lawyer to check this out and create it as a legal document. You can use a „deal minute“ if you and your ex-partner are considering divorcing or terminating your life partnership and: David and Liz are buying a house together. Liz provides 70% of the money needed for the purchase. While they intend to jointly register as owners in the cadastre, a minute of contract can be used to show that Liz owns a larger share of the property. If they sell in the future, Liz can count on this document to show that she is entitled to a larger share of each profit. It`s especially important to seek legal advice from a lawyer if your separation is fierce, if one of you is much wealthier than the other, or if your ex-partner is harassing or bullying and putting pressure on you to sign the deal. Once the protocols to the agreement have been completed and signed, they are normally sent to the Scotland Registers of Edinburgh for registration and execution.