The Buy-Sell Agreement Between Co-Owners of Real Property is essential when multiple parties share ownership of real estate in the United States. This document becomes particularly important when co-owners need to establish clear procedures for ownership transfers, whether triggered by voluntary sale, death, disability, or other circumstances. It typically includes detailed provisions for valuation, payment terms, transfer procedures, and rights of first refusal. The agreement helps prevent disputes and provides a clear framework for ownership transitions, while ensuring compliance with both state and federal regulations governing real estate transactions.
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1. Parties: Identification of all co-owners and their current ownership interests in the property
2. Background: Description of the property and current ownership structure, purpose of the agreement
3. Definitions: Key terms used throughout the agreement including Property, Transfer Event, Fair Market Value, etc.
4. Purchase and Sale Provisions: Core terms governing when and how ownership interests can be transferred
5. Valuation Method: Process for determining property value when triggering events occur
6. Payment Terms: Structure and timing of payments for ownership transfers
7. Closing Procedures: Process for executing transfers including documentation requirements
8. General Provisions: Standard contract clauses including governing law, notices, amendments
1. Right of First Refusal: Terms giving co-owners first right to purchase when one wants to sell
2. Forced Sale Provisions: Circumstances under which a co-owner can be forced to sell their interest
3. Death/Disability Provisions: Special provisions for transfers upon death or disability
4. Property Management: Terms governing day-to-day management and decision-making
5. Insurance Requirements: Specific insurance obligations of co-owners
1. Property Description: Legal description of the property and any included assets
2. Current Ownership Schedule: Detailed breakdown of current ownership percentages
3. Valuation Formula: Detailed methodology for calculating property value
4. Required Transfer Documentation: Forms and documents required for ownership transfers
5. Property Management Schedule: Detailed procedures for property management if applicable
Relevant legal definitions
Agreement
Property
Co-owner
Ownership Interest
Transfer Event
Transfer Notice
Triggering Event
Fair Market Value
Qualified Appraiser
Purchase Price
Closing Date
Transfer Documentation
Right of First Refusal
ROFR Notice
ROFR Period
Selling Co-owner
Purchasing Co-owner
Third Party Offer
Encumbrance
Title
Permitted Transfer
Prohibited Transfer
Business Day
Valuation Date
Payment Terms
Default
Forced Sale Event
Disability
Death Event
Successor
Property Expenses
Property Management
Operating Agreement
Liens
Effective Date
Property
Co-owner
Ownership Interest
Transfer Event
Transfer Notice
Triggering Event
Fair Market Value
Qualified Appraiser
Purchase Price
Closing Date
Transfer Documentation
Right of First Refusal
ROFR Notice
ROFR Period
Selling Co-owner
Purchasing Co-owner
Third Party Offer
Encumbrance
Title
Permitted Transfer
Prohibited Transfer
Business Day
Valuation Date
Payment Terms
Default
Forced Sale Event
Disability
Death Event
Successor
Property Expenses
Property Management
Operating Agreement
Liens
Effective Date
Clauses
Parties and Property Description
Purchase and Sale
Valuation
Right of First Refusal
Transfer Restrictions
Payment Terms
Closing Procedures
Death and Disability
Force Sale
Property Management
Decision Making
Dispute Resolution
Representations and Warranties
Title and Encumbrances
Insurance
Property Expenses
Maintenance and Repairs
Tax Matters
Default and Remedies
Indemnification
Assignment
Notices
Amendments
Governing Law
Severability
Entire Agreement
Further Assurances
Successors and Assigns
Waiver
Counterparts
Purchase and Sale
Valuation
Right of First Refusal
Transfer Restrictions
Payment Terms
Closing Procedures
Death and Disability
Force Sale
Property Management
Decision Making
Dispute Resolution
Representations and Warranties
Title and Encumbrances
Insurance
Property Expenses
Maintenance and Repairs
Tax Matters
Default and Remedies
Indemnification
Assignment
Notices
Amendments
Governing Law
Severability
Entire Agreement
Further Assurances
Successors and Assigns
Waiver
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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