Let’s dive into what this important document entails!
Real Estate Joint Venture AgreementThis Real Estate Joint Venture Agreement (hereinafter referred to as “Agreement”) is made and entered into this [day] of [month], 2023 (the “Effective Date”), by and between [Party 1], a [type of entity] with its principal office located at [address], and [Party 2], a [type of entity] with its principal office located at [address]
1. Purpose of the Joint VentureThe purpose of this Joint Venture is to jointly develop a real estate project located at [Property Address] in the state of New York (the “Project”). The specific roles, responsibilities, and contributions of each party will be outlined in this Agreement.
2. Formation[Party 1] and [Party 2] hereby form a joint venture pursuant to the laws of the state of New York and agree that the terms set forth in this Agreement shall govern their rights and obligations.
3. Contributions[Party 1] and [Party 2] agree to contribute capital, services, and property as described in Exhibit A attached to this Agreement.
4. Profit and Loss AllocationProfits and losses from the Joint Venture will be allocated as follows: [Insert Profit and Loss Allocation]
5. ManagementThe Joint Venture shall be managed by a management committee consisting of representatives from both [Party 1] and [Party 2]. The management committee will oversee the operation of the Joint Venture and make decisions by majority vote.
6. Term and TerminationThis Agreement will commence on the Effective Date and continue until the Project is completed and sold, or until terminated by mutual agreement of the parties.
7. Dispute ResolutionAny disputes arising out of this Agreement shall be resolved through arbitration in accordance with the rules of the American Arbitration Association.
8. Governing LawThis Agreement shall be governed by and construed in accordance with the laws of the state of New York.
9. Entire AgreementThis Agreement, including any exhibits attached hereto and made part hereof, constitutes the entire agreement between [Party 1] and [Party 2] with respect to the subject matter hereof.
10. AmendmentsNo amendment to this Agreement will be effective unless it is in writing and signed by both parties.
11. NoticesAll notices given under this Agreement must be in writing and will be deemed received when delivered personally, sent by confirmed facsimile, confirmed email, or on the second business day after being sent by registered or certified mail. IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Joint Venture Agreement as of the date first above written. __________________________ __________________________ [Party 1] [Party 2] __________________________ __________________________ Date Date Note: This basic form does not contemplate numerous circumstances that may be applicable to your particular situation, and this form should not be used without first consulting with a competent attorney in your jurisdiction.
Real Estate Joint Venture Agreement in New York is a crucial document that brings clarity to roles and responsibilities in a real estate partnership. This agreement can coincide with others, like the Contract for Deed Template New York, effectively aligning ownership rights and payment terms in the property deal.
When creating an agreement for a rental property, you may need to reference the Contract for Rental Property New York. This contract will help to outline all the necessary terms and conditions concerning the rental property.
Moreover, if you are planning to buy or sell a property in New York, then you would need a Contract for Sale of Real Estate in New York. This document clearly outlines the terms and conditions of the property sale, which can be integral to your real estate joint venture.