Whether you’re looking at an investment opportunity or starting a new business venture, we provide a co-ownership agreement template which caters to multiple scenarios.
This editable and downloadable Partnership Agreement aids in establishing clear terms and conditions between parties, thereby protecting all involved while facilitating a successful joint enterprise.
REAL ESTATE JOINT VENTURE AGREEMENTThis Real Estate Joint Venture Agreement (the “Agreement”) is entered into this _________ day of _________, 20_________, (the “Effective Date”) by and between ____________ (“Party A”) and ____________ (“Party B”), collectively referred to as the “Parties”.
1. PURPOSE OF THE AGREEMENTThe Parties intend to form a joint venture (the “Joint Venture”) under the laws of the State of West Virginia with the purpose of acquiring, developing, managing, and selling a certain real estate property located in ____________ (“Property”).
2. JOINT VENTURE FORMATIONThe Joint Venture shall commence on the Effective Date and shall continue until dissolved by the agreement of the Parties or in accordance with the laws of the State of West Virginia.
3. CONTRIBUTIONSParty A shall contribute ____________ (“Party A Contribution”) and Party B shall contribute ____________ (“Party B Contribution”) towards the Joint Venture. The Parties shall use the contributions solely for the business of the Joint Venture.
4. OWNERSHIP AND PROFITSThe Joint Venture shall be owned ____________% by Party A and ____________% by Party B. Profits and losses shall be distributed in accordance with the Parties’ respective ownership percentages.
5. MANAGEMENT AND CONTROLThe management and control of the Joint Venture shall be divided equally between Party A and Party B, unless otherwise agreed in writing.
6. DURATION AND TERMINATIONThis Agreement shall remain in full force and effect until the Joint Venture is dissolved by mutual consent of the Parties, upon the occurrence of an event that makes it illegal for the business of the Joint Venture to continue, or until otherwise terminated in accordance with West Virginia law.
7. REPRESENTATIONS AND WARRANTIESEach Party represents and warrants that it has the full power to enter into this Agreement and to perform its obligations hereunder.
8. DISPUTE RESOLUTIONAny disputes arising from this Agreement shall be resolved by mediation. If mediation is unsuccessful, the Parties agree to submit to binding arbitration under the rules of the American Arbitration Association.
9. GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of West Virginia.
10. ENTIRE AGREEMENTThis Agreement constitutes the entire agreement between the Parties and supersedes all prior oral or written agreements.
11. AMENDMENTSThis Agreement may be amended only by written agreement of the Parties.
12. SEVERABILITYIf any provision of this Agreement is determined to be unenforceable, the remaining provisions shall remain in full force and effect. IN WITNESS WHEREOF, the parties have executed this Real Estate Joint Venture Agreement as of the Effective Date. _______________________ _______________________ Party A Signature Party B Signature _______________________ _______________________ Party A Print Name Party B Print Name _______________________ _______________________ Date Date This Agreement should be reviewed by legal counsel before it is executed. The Parties acknowledge that they have had an opportunity to review this Agreement with legal counsel, and any decision not to do so was their decision alone.
If you’re considering a real estate joint venture in West Virginia, it’s crucial to understand various legal documents involved in property transactions. For instance, a Contract for Deed Template can assist you with a seamless transfer of property rights.
Moreover, if your venture includes rental properties, familiarize yourself with a Contract for Rental Property to ensure you’re protected legally while dealing with tenants.
Lastly, don’t forget about the critical Contract for Sale of Real Estate, which is the foundational document of any real estate transaction in West Virginia. Understanding these contracts can contribute significantly towards a successful real estate joint venture.