A nominee agreement is created between the owner of a property and a nominee chosen by him by which the nominee legally holds all the rights to the property such as mortgages, licenses and interests, as the owner registers it in the nominee’s name. The nominee is thus responsible for executing all the transactions on behalf of the owner but he cannot take his own decisions and can only act on the written authorization of the owner.
The nominee does not have any beneficial interest in the property. He has to pass on to the owner all the financial proceeds collected from the different transactions he holds. The nominee is not responsible for any liability issues and cannot be held responsible for any contract between the owner of the property and another party. The nominee agreement thus lays down the terms and conditions of the agreement and the role and rights of nominee and the owner of the property.
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Sample Nominee Agreement
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