REAL ESTATE JOINT VENTURE AGREEMENTThis Real Estate Joint Venture Agreement, entered into this __day of ____, 20__ (the “Effective Date”), is made by and between __________(Party 1) and __________(Party 2) (each a “Party” and collectively the “Parties”).
RECITALSWHEREAS, Party 1 is a __________(description of Party 1’s profession or business) and Party 2 is a __________(description of Party 2’s profession or business); WHEREAS, the Parties desire to enter into a joint venture for the purpose of __________(description of the venture) located at __________(address of the property), California (the “Property”); NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
FORMATIONThe joint venture formed by this Agreement (the “Joint Venture”) will conduct its business under the name __________ and will have its registered address at __________, California.
TERMThis Agreement will begin on __________ and will end on __________.
CONTRIBUTIONSThe Parties will each make an initial contribution to the Joint Venture as follows: 1. Party 1 is contributing: __________ 2. Party 2 is contributing: __________
PROFIT AND LOSSEach Party’s share in the profit and loss generated by the Joint Venture will be __________.
MANAGEMENT AND CONTROLDecisions about the management and control of the Joint Venture will be made by a vote of the Parties, each Party having one vote.
DISPUTE RESOLUTIONIn the event of a dispute, the Parties will attempt to resolve the matter through negotiation or mediation, prior to initiating a lawsuit.
COMPLIANCE WITH LAWThe Joint Venture and the Parties will comply with all federal, state, and local laws in the performance of this Agreement.
GOVERNING LAWThis Agreement will be governed by and construed in accordance with the laws of the state of California.
INDEMNIFICATIONEach Party will indemnify and hold harmless the other Party for any losses, claims, damages, liabilities, costs, and expenses arising out of the indemnifying Party’s negligence or intentional misconduct.
ENTIRE AGREEMENTThis Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements, understandings, and representations, whether oral or written.
SIGNATURESIN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. __________________________ __________________________ (Party 1’s Name) (Party 2’s Name) __________________________ __________________________ (Date) (Date) NOTE: This is a sample agreement and may not be applicable to your situation. Please consult with a California real estate attorney before entering into any legal agreement.
Entering into a Real Estate Joint Venture Agreement in California requires a clear understanding of various aspects of real estate contracts. One of which includes the Contract for Deed Template that stipulates mandatory details on the agreed selling price, interest rate, and payment schedule.
Moreover, if you’re venturing into rental properties, it’s crucial to have a grasp on how a Contract for Rental Property operates in California. This contract outlines the terms and conditions between the landlord and tenant, ensuring both parties’ rights are protected.
Finally, having an understanding of a Contract for Sale of Real Estate in California can be incredibly beneficial. This contract is a legal agreement between the buyer and seller detailing the terms of the property sale. Familiarizing oneself with these contracts can provide a strong foundation for a successful real estate joint venture.