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REAL ESTATE JOINT VENTURE AGREEMENTTHIS AGREEMENT is made and entered into this ____ day of ____, 20__, by and between [Party 1], a Florida Corporation, hereinafter referred to as “Party 1”, and [Party 2], a Florida Corporation, hereinafter referred to as “Party 2”.
1. FORMATION OF JOINT VENTUREThe parties hereto for and in consideration of the covenants and agreements hereinafter set forth do hereby form a joint venture under the laws of the State of Florida.
2. PURPOSEThe purpose of this joint venture is for the acquisition, development, and sale of certain real estate property located in the state of Florida, more particularly described as [Property Description].
3. TERMThe term of this Agreement shall be for [Term], commencing from the date first above written, unless sooner terminated as provided herein.
4. CAPITAL CONTRIBUTIONSEach party to this Agreement shall provide their initial contributions as follows: [Initial Contributions]. Additional contributions of capital shall be made by the parties on an as-needed basis and must be agreed upon in writing.
5. DISTRIBUTION OF PROFITS AND LOSSESProfits and losses of the joint venture shall be distributed to the parties in proportion to their initial capital contributions, unless otherwise agreed in writing.
6. MANAGEMENT AND CONTROLThe management and control of the joint venture shall be [Management].
7. BOOKS AND RECORDSBooks of account of the transactions of the joint venture shall be kept and be available for inspection by any partner at any reasonable time.
8. DISSOLUTIONUpon dissolution of the joint venture, the assets of the joint venture shall first be used to satisfy all outstanding debts and liabilities of the joint venture. The remaining assets shall then be distributed to each party in proportion to their capital contributions.
9. DISPUTE RESOLUTIONAny disputes arising out of or related to this Agreement will be resolved through mediation. If mediation is unsuccessful, the dispute will then be submitted for resolution to a court of competent jurisdiction within the State of Florida.
10. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Florida.
11. ENTIRE AGREEMENTThis Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. _______________________________ _______________________________ Party 1 Party 2 _______________________________ _______________________________ Date Date *This is a basic agreement and may not be suitable for all purposes. It is recommended to seek legal advice when entering into this agreement.*
Entering into a Real Estate Joint Venture Agreement in Florida can be a complex process. To ensure you are covered legally, consider reviewing the Contract for Deed Template Florida as well.
It’s also essential to thoroughly understand the terms of rental properties in the state. Check out this Contract for Rental Property Florida for detailed insights.
Before finalizing any joint venture property deal, getting acquainted with the sales contract is crucial too. Take a look at this comprehensive Contract for Sale of Real Estate in Florida to protect your interests.