REAL ESTATE JOINT VENTURE AGREEMENTThis Real Estate Joint Venture Agreement (“Agreement”) is made on this ______ day of ________, 20______, by and between ______________, located at ______________ (“Party A”) and ______________, located at ______________ (“Party B”). Party A and Party B may be individually referred to as “Party” and collectively as “Parties”.
RECITALSWHEREAS, Party A owns the real property with the legal description ______________ (“Property”); WHEREAS, Party B has the desire and capability to develop the Property; NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
ARTICLE I: FORMATION OF JOINT VENTURE1.1 The Parties hereby create a joint venture pursuant to the laws of the Commonwealth of Virginia. 1.2 The name of the Joint Venture shall be ______________. 1.3 The principal business office of the Joint Venture shall be ______________ or at such other place as the Parties may from time to time designate.
ARTICLE II: PURPOSE2.1 The sole purpose of this Joint Venture is to develop the Property.
ARTICLE III: CONTRIBUTIONS3.1 Party A’s contribution to the Joint Venture shall be the Property. 3.2 Party B’s contribution to the Joint Venture shall be the capital, labor, and services necessary to develop the Property.
ARTICLE IV: PROFITS, LOSSES, AND DISTRIBUTIONS4.1 Profits and losses shall be allocated according to the Parties’ proportionate interests, which shall be ______________ for Party A and ______________ for Party B.
ARTICLE V: MANAGEMENT AND CONTROL5.1 The Joint Venture shall be managed by a management committee consisting of ______________.
ARTICLE VI: DISSOLUTION6.1 The Joint Venture shall terminate upon completion of development of the Property or by the mutual agreement of the Parties.
ARTICLE VII: DISPUTE RESOLUTION7.1 In the event of any dispute, the parties agree to submit to binding arbitration under the rules of American Arbitration Association.
ARTICLE VIII: GOVERNING LAW8.1 This Agreement shall be governed by and construed under the laws of the Commonwealth of Virginia. IN WITNESS WHEREOF, the Parties hereto have executed this Real Estate Joint Venture Agreement as of the date first above written. ______________________
Party A ______________________
Party B NOTE: This Agreement constitutes a legal document. It is recommended that all parties involved consult with their respective attorneys before entering into this Agreement.
If you’re considering a Real Estate Joint Venture Agreement in Virginia, it’s crucial to have a solid understanding of the different contractual aspects involved.
For instance, a Contract for Deed Template in Virginia can provide a comprehensive outlook on the legal transfer of property ownership.
Similarly, knowing the specifics within a Contract for Rental Property in Virginia ensures a smooth and legally sound landlord-tenant relationship.
Lastly, a detailed Contract for Sale of Real Estate in Virginia can guide you on the complete process of selling property, covering all necessary clauses and provisions.