This agreement is specifically designed with real estate transactions in New Jersey in mind, providing an outline that ensures all aspects are covered.
Whether you’re a seasoned investor or just beginning your journey into the world of property investment, this joint venture agreement can be of great value. You are free to download and edit this contract as per your requirements. With our template, creating a comprehensive and legally sound joint venture agreement has never been easier!
JOINT VENTURE AGREEMENTTHIS JOINT VENTURE AGREEMENT (the “Agreement”) made and entered into this [insert date] (the “Execution Date”), BETWEEN: [insert party 1 legal name] of [insert party 1 full address] (the “First Party”) – AND – [insert party 2 legal name] of [insert party 2 full address] (the “Second Party”), WHEREAS the parties desire to create a joint venture in order to collaborate in [insert purpose of joint venture] in accordance with the terms and conditions herein.
ARTICLE 1: DEFINITIONS1.1 “Agreement” means this joint venture agreement and any schedules attached hereto; 1.2 “Business” means the business activities of the Joint Venture as described in Article 3;
ARTICLE 2: FORMATION OF THE JOINT VENTURE2.1 The parties hereby create a joint venture under the name “[insert joint venture name]” for the purpose set forth in this Agreement.
ARTICLE 3: PURPOSE OF THE JOINT VENTURE3.1 The purpose of the Joint Venture is [insert purpose of joint venture] in the state of New Jersey.
ARTICLE 4: CONTRIBUTIONS4.1 The First Party will contribute [insert contribution] and the Second Party will contribute [insert contribution] to the joint venture.
ARTICLE 5: PROFITS, LOSSES AND DISTRIBUTION5.1 Profits and losses shall be shared in the following proportions: First Party – [insert proportion], Second Party – [insert proportion].
ARTICLE 6: MANAGEMENT6.1 The Joint Venture shall be managed by a management committee consisting of [insert number of members].
ARTICLE 7: ACCOUNTING AND RECORDS7.1 All funds of the Joint Venture shall be deposited in a separate bank account in the name of the Joint Venture at [insert bank name].
ARTICLE 8: DISSOLUTION8.1 The Joint Venture shall be dissolved upon happening of any of the following events: [insert events leading to dissolution].
ARTICLE 9: GOVERNING LAW9.1 This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New Jersey. IN WITNESS WHEREOF the Parties to this Agreement have duly affixed their signatures under hand and seal on this [insert date]. _________________________ _________________________ [insert party 1 legal name] [insert party 2 legal name] NOTARY ACKNOWLEDGEMENT State of New Jersey County of _______ On this [insert date], before me, a Notary Public, personally appeared [insert party 1 legal name], known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed. _________________________ Notary Public My Commission Expires: ________
Just like you need a Real Estate Joint Venture Agreement in New Jersey, it’s equally important to have a comprehensive Contract for Deed template when acquiring properties in the state.
Similarly, managing rental properties requires a legally binding Contract for Rental Property, to protect both landlords and tenants from potential misunderstandings.
Furthermore, the process of selling or buying a property in New Jersey is not complete without a detailed Contract for Sale of Real Estate to ensure all terms and conditions are clearly stipulated.