REAL ESTATE JOINT VENTURE AGREEMENTTHIS JOINT VENTURE AGREEMENT, made this _____ day of _____, 20_____, by and between _____, hereinafter referred to as the “First Party”, and _____, hereinafter referred to as the “Second Party”.
ARTICLE I – DEFINITIONSAs used in this Agreement, the following terms shall have the meanings specified: 1.1 “Joint Venture” means the joint venture formed by the Parties pursuant to this Agreement. 1.2 “Property” means the real property located in New Mexico, specifically described as _____.
ARTICLE II – FORMATION OF JOINT VENTUREThe Parties hereby form a joint venture pursuant to the New Mexico Uniform Partnership Act (Chapter 54, Article 1A NMSA 1978).
ARTICLE III – PURPOSE OF JOINT VENTUREThe purpose of this Joint Venture is to engage in the business of _____ concerning the Property.
ARTICLE IV – CONTRIBUTIONS OF PARTIES4.1 The First Party shall contribute: _____ 4.2 The Second Party shall contribute: _____
ARTICLE V – MANAGEMENT AND CONTROLThe management and control of the Joint Venture shall be as follows: _____
ARTICLE VI – PROFITS AND LOSSESThe profits and losses of the Joint Venture shall be divided as follows: _____
ARTICLE VII – DISSOLUTIONThe Joint Venture shall be dissolved upon the occurrence of any of the following events: _____
ARTICLE VIII – MISCELLANEOUS PROVISIONS8.1 This Agreement shall be governed by the laws of the state of New Mexico. 8.2 Any disputes arising out of this Agreement shall be resolved through arbitration in accordance with the rules of the American Arbitration Association.
ARTICLE IX – EXECUTIONIN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written. _______________________________ _______________________________ Name of First Party Name of Second Party _______________________________ _______________________________ Signature of First Party Signature of Second Party _______________________________ _______________________________ Date Date
ARTICLE X – ACKNOWLEDGEMENT BY NOTARY PUBLICSTATE OF NEW MEXICO, COUNTY OF _____ On _____, before me, a Notary Public, personally appeared _____, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same for the purposes therein contained. ______________________________ Notary Public My Commission Expires ______ This is a basic form of a Joint Venture Agreement and may not fit all circumstances. Legal advice should be obtained before entering into any legal agreement or signing any legal document.
The process of establishing a Real Estate Joint Venture Agreement in New Mexico becomes simpler when you understand the legalities involved in a Contract for Deed.
On the other hand, if you’re venturing into rental property business, it’s crucial to comprehend the rules outlined in a Contract for Rental Property to avoid any future disputes.
Lastly, if selling property is your main goal, getting acquainted with the Contract for Sale of Real Estate in New Mexico is a wise move to ensure a smooth transaction.