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
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