REAL ESTATE JOINT VENTURE AGREEMENTTHIS AGREEMENT is made and entered into this __ day of ____, 20__, by and between ______ (hereinafter “Party A”) and ______ (hereinafter “Party B”), jointly referred to as the “Parties”.
RECITALS:WHEREAS, Party A is the owner of certain real property located in the state of Tennessee, more specifically described in Exhibit A attached hereto (the “Property”); WHEREAS, Party B possesses certain skills, expertise, and resources valuable in the development and improvement of the Property; NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
ARTICLE I – FORMATION OF THE JOINT VENTURE1.1 Formation. The parties hereby create a joint venture pursuant to the laws of the State of Tennessee and subject to the terms and conditions herein. 1.2 Purpose. The purpose of this Joint Venture is to develop and improve the Property in accordance with the plans and specifications attached hereto as Exhibit B.
ARTICLE II – CONTRIBUTIONS2.1 Party A shall contribute the Property to the Joint Venture, and Party B shall contribute its skills, expertise, and resources to the development and improvement of the Property.
ARTICLE III – PROFITS AND LOSSES3.1 Profits and losses from the Joint Venture shall be shared equally by the Parties, unless otherwise agreed in writing by the Parties.
ARTICLE IV – MANAGEMENT AND CONTROL4.1 Each Party shall have equal control and management of the Joint Venture, and decisions shall be made by mutual agreement.
ARTICLE V – DISSOLUTION5.1 This Joint Venture shall be dissolved upon the completion of the development and improvement of the Property, the sale of the Property, or by mutual agreement of the Parties.
ARTICLE VI – GOVERNING LAW6.1 This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee.
ARTICLE VII – ENTIRE AGREEMENT7.1 This Agreement contains the entire agreement of the Parties and supersedes all prior agreements, understandings or discussions, whether oral or written. IN WITNESS WHEREOF, the Parties have executed this Real Estate Joint Venture Agreement as of the date first above written. _______________________ ______________________ Party A Name Party B Name _______________________ ______________________ Signature Signature _______________________ ______________________ Date Date
EXHIBIT A – Legal Description of Property
EXHIBIT B – Plans and Specifications for Development and Improvement of PropertyThe Parties understand that this Agreement is binding and enforceable under the laws of the State of Tennessee. The Parties also acknowledge that they have had the opportunity to have this Agreement reviewed by legal counsel and understand its terms and conditions. Any dispute or claim arising out of or in connection with this Agreement or its formation (including non-contractual disputes or claims) shall be subject to the exclusive jurisdiction of the courts of the State of Tennessee.
If you’re looking to form a Real Estate Joint Venture Agreement in Tennessee, it’s essential to understand the different types of contracts involved in real estate transactions.
One common type of agreement is a Contract for Deed, where the buyer agrees to pay the purchase price over time, while the seller retains legal title to the property until payment is completed.
Another important contract to familiarize yourself with is a Rental Property Contract. This document outlines the terms and conditions between landlord and tenant, crucial for any potential joint venture.
Finally, understanding a Contract for Sale of Real Estate will provide clarity on how property transference occurs in Tennessee. This knowledge can greatly benefit your joint venture endeavors.