A joint venture agreement establishes a formal business relationship and lays out the foundation for partnership and collaboration amongst parties.
Here, you can easily download and modify this essential tool to suit your own real estate endeavors.
REAL ESTATE JOINT VENTURE AGREEMENTTHIS REAL ESTATE JOINT VENTURE AGREEMENT (hereinafter, the “Agreement”) is entered into this ________ day of ________, 20_____ (the “Effective Date”), by and between: ___________________ (the “First Party”), a ___________ organized under the laws of the State of South Carolina with a principal place of business at ________________; AND ___________________ (the “Second Party”), a ___________ organized under the laws of the State of South Carolina with a principal place of business at ________________. Collectively referred to as the “Parties.”
1. PURPOSE OF THE AGREEMENTThe Parties agree to form a joint venture for the purpose of acquiring, developing, managing, and selling a specific real estate property located in South Carolina (the “Project”).
2. FORMATIONThe joint venture formed by this Agreement (the “Joint Venture”) will conduct its business under the name _______________ and will have its registered address at ___________________, South Carolina. The Joint Venture will be governed by the laws of the State of South Carolina.
3. TERMThis Joint Venture will commence on the Effective Date and will continue until the completion of the Project, unless it is terminated earlier in accordance with the provisions of this Agreement.
4. CONTRIBUTIONSThe Parties will each make an initial contribution to the Joint Venture as follows: First Party: _____________ Second Party: ____________
5. DISTRIBUTIONSNet profits and losses shall be distributed among the Parties in accordance with their respective contributions.
6. MANAGEMENT AND CONTROLManagement and control of the Project shall be divided equally between the Parties, unless otherwise agreed in writing.
7. DISSOLUTIONThe Joint Venture shall be dissolved upon the completion of the Project, or upon agreement of the Parties, or upon the occurrence of any other event that makes it legally impossible to continue the Joint Venture.
8. DISPUTE RESOLUTIONIn the event of a dispute arising out of this Agreement, the Parties agree to attempt to resolve any dispute by negotiation. If they are unable to resolve the dispute, either Party may commence legal proceedings in accordance with South Carolina law.
9. CONFIDENTIALITYEach Party undertakes to keep confidential all information concerning the business and affairs of the Joint Venture obtained from the other Party, except to the extent disclosure is required by law.
10. COMPLIANCE WITH LAWSThe Joint Venture shall comply with all applicable laws and regulations of the State of South Carolina, including those regarding real estate development and sales.
11. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina.
12. ENTIRE AGREEMENTThis Agreement contains the entire agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the Parties related to the subject matter hereof.
SIGNATURESFirst Party: _________________________ Name _________________________ Date Second Party: _________________________ Name _________________________ Date
Before diving into the complexities of a Real Estate Joint Venture Agreement in South Carolina, it’s beneficial to familiarize yourself with other relevant documents. For example, understanding the Contract for Deed Template can provide context for the type of agreements that may be involved in property transactions in South Carolina.
Moreover, if you’re considering renting out properties as part of your joint venture, reviewing a Contract for Rental Property will be crucial to ensure you understand all aspects of landlord responsibilities and tenant rights in South Carolina.
Additionally, having a comprehensive understanding of a Contract for Sale of Real Estate in South Carolina will help you navigate the legalities involved in selling property within your joint venture. These resources combined will give you a more holistic perspective on your real estate joint venture agreement.