The Real Estate Partnership Buyout Agreement is essential when a partner wishes to exit a real estate investment partnership in the United States. This document is commonly used when partners have different investment goals, retirement plans, or when conflicts arise. It addresses crucial elements such as property valuation, payment structures, tax implications, and liability releases. The agreement must comply with state partnership laws, real estate regulations, and federal tax requirements. It typically includes provisions for the transfer of ownership interests, handling of existing debts and obligations, and any continuing responsibilities of the departing partner.
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1. Parties: Identification of all partners involved in the buyout, including the departing and remaining partners
2. Background/Recitals: History of the partnership, reason for buyout, and current status of the real estate holdings
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Payment Terms: Agreed valuation and payment structure for the departing partner's interest
5. Closing Date and Conditions: Timeline and requirements for completing the buyout
6. Representations and Warranties: Statements of fact by all parties regarding their authority, ownership, and partnership status
7. Release of Liabilities: Mutual release of future claims and obligations
8. Governing Law: Jurisdiction and applicable laws
1. Earnout Provisions: Additional payments based on future property performance - use when parties agree to contingent future payments
2. Tax Matters: Special tax considerations and allocations - use when complex tax implications exist
3. Transition Services: Continuing obligations of departing partner - use when departing partner's expertise is needed post-buyout
4. Non-Compete Provisions: Restrictions on departing partner's future activities - use when protecting business interests is crucial
1. Schedule A - Property Schedule: List of all real estate assets owned by the partnership
2. Schedule B - Valuation Report: Independent valuation of partnership interests
3. Schedule C - Outstanding Liabilities: List of all partnership debts and obligations
4. Schedule D - Payment Schedule: Detailed timeline of buyout payments
5. Appendix 1 - Original Partnership Agreement: Copy of the existing partnership agreement
6. Appendix 2 - Property Documents: Relevant deeds, leases, and property-related agreements
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